There are many people out there who can afford to buy a home and live in a home of their own but they don't see any reason why they should buy it. For them, it is a waste of time and money to buy a home. The prefer living in a rented apartment. But for some other people, it is more advantageous to buy a home and live in one's home than live in a rented apartment. If you are a first time home buyer, probably, you have taken sometime to weigh the two options before making up your mind to buy your own property. However, whether you finance such a project or not, living in your own house or buying a house will give you a lot of benefit. Below are some of the reasons why you should consider buying a house.
Living as you wish
If you are living in your own house, you have the freedom to live anyhow you like. But this is not the case when you are living in another person's house. Your freedom is to a certain extent limited. You must live according to the tenancy agreement you have with your landlord. You cannot alter the building to suit your lifestyle without express permission of your landlord. If you are living in your own house, you don't need any person's permission to do anything in the building in so far as you don't violate the building regulation of your locality.
Pride of being a landlord
There is always a sense of fulfillment and pride associated with being a landlord. Property owners are highly regarded and respected. So, if you own a house or you live in a house of your own, you will win the respect of others and take pride in your achievement.
Good investment of time and money
Owning a property is one of the best investment you can do. Though real estate market fluctuates but the trend is always on the increase side. If you buy a property today, when you want to resell it, the value will most likely going to increase greatly. Thus, you will make enough money from it.
Inheritance for your children
Parents like leaving something as inheritance for their children. One of the best thing to leave for your children is a home. So, if you want your children to always remember you after your death or not to suffer after your death, one of the best thing you can leave for them is a house.
Mortgage interest deduction
In some countries, homeowners are favored to a certain extend by tax rates and this is why some people refer to home ownership as a good tax shelter. Mortgage interest is normally deducted on your tay return in so far as your mortgage balance is not bigger than the price of your home.
Owning a home is an option for any person that wants to live comfortable and enjoy some space. It is always too expensive to rent apartment with spacious living spaces. But if you buy a home, you will definitely have much space and live more comfortable than a person that is living in a rented apartment.