A long-term lifestyle
If you are renting a house at this time, you are very well acquainted with all the hassles of it – such as security, lifestyle, cost etc. For a long term commitment to a city or job, preferably more than 3 years, opting to buy a house brings you the benefits of maintaining a lifestyle you wish to have, rather than one with boundaries. Owning a house gives you the freedom to renovate and personalize your space according to your taste. Whether looking forward to break down a wall or redoing your bathroom according to your artistic sensibility, you no longer have to worry about the repercussions of having your landlord cutting into your security deposit.
Customize your house however you wish
With ownership of a home, you no longer have to worry about the limits of customizing your home. Owning a house mean sit can be your canvas – where you can do anything you want with your kids’ rooms for example. You can also change the carpet flooring of the room or even add a new chandelier to a room – you can essentially do whatever you want. There is no such problem as asking a landlord’s permission in such cases. These home improvements add to the value of your property as well.
The leverage of cash benefits
If you haven’t thought about it yet, owning a house basically means having a major investment. This is similar to stock benefits with the addition of also getting to live in your own house(the financial benefits are as significant as a major stock market investment). You also have the leverage to get the appreciation of your entire house’s value – it’s not only about the gain you get on your down payment.
Home owners also benefit from taxes because they get the benefit of deducting the mortgage interest payments. Home owners also have the ability to get deductions on their eligible expenses. There might also be cases where they can avoid federal taxes on their earnings if and when they decide to sell the house. Among the countless many benefits of home ownership, one can deduct mortgage interest and property taxes when one decides to file tax returns each year. The deduction on the taxes that the homeowners get, from the mortgage and property taxes save the homeowner a lot of cash each month. This is an example of how owning a home can save you a lot of money – even over renting a lesser quality property.
When you plan to live in a city for along time, it makes more sense to purchase a house rather than renting it. Buying a house gives you a sense of belonging to a particular city. There is a feeling that gives you the satisfaction that you finally belong to a given city, and that you have finally settled down in life. Buying a house is surely a wise investment, even if you are later planning to rent it or sell it. Prices for anything tend to increase with time, which means you are investing to enhance your wealth over time. If you plan to rent now and then buy a property in the later stages of your life, it only means that you will be paying the additional costs of rent over a longer period of time.