If you are looking forward to buy a house, you most probably have listened to your coworkers, friends and family; may be many of them are encouraging you to go head and many are advising to stop here. So, you may still be in confusion but now you can get right information here to make right decision.
The more you know about the pros and cons of buying a home, the less you get scary during the entire process. Here are some points describing that why you should buy your own him;
Rent money is dead money, in fact:
When you are living on rent, you are actually paying for the mortgage of someone else and in return just getting a roof on your head. Is it justice with you? It is fine for short-term but in long term! No way. Buying your own home; you can have all that money as your saving, which was being invested in renting.
Pride of ownership:
Having your own home, you can make it in the way you want. You can dance late night turning up the volume of CD player, furnish it according to your taste, paint the walls in your favorite color and can even attach the permanent fixtures. Indeed, the feeling of ownership is full of pride.
Steady savings:
Living on rent, your landlord can increase the rent any time and you forcibly have to pay more mortgages for his property. But after buying your own home, you know your monthly expenditures and can have same savings every month.
Mortgage interest deductions:
Tax shelters are given to home owners by favoring them in tax rates. Mortgage interest will be fully deductible on tax return, till the mortgage balance is smaller than the cost of your home.
You get inflation protection:
Studies and surveys show that long term housing tends to beat inflation by a few percentage points every year. So, if you are young and raising a family and have plans for next 30 40 years, own home is valuable and guaranteed inflation insurance.
You can choose from a lot:
If you want a home on rent, you will have to live wherever it’s available; either you like the place or not. But if you move forward to buy a home, you can buy in your favorite location.
You can build Equity:
Subtracting the money that you pay as your home loan from the total price of your home, you get the home Equity in form of amount left over after subtraction. That is the dollar value of your home and entirely belongs to you.