For many people, owning a home is a feeling of great satisfaction. For them, purchasing flats in Pune or any other city is like a dream come true. Buyinga home is the biggest financial decision that you’ve ever made in your life. Countless advantages are associated with owning a home but unfortunately, many of them are left unappreciated and underreported. Here, we are outlining 9 advantages of owning a home that you probably don’t know.
Pride of Ownership
Pride of ownership is one of the topmost reasons why people yearn to buy their own flats. This gives you the sense of stability and security and is the huge investment for your secure future. Owning your home means you have the right to choose the color of the walls, the furniture you desire and can decorate your home as per your taste.
As a homeowner, you get to deduct property taxes and mortgage interest from your annual income taxes. You have the most to gain from these tax advantages as most of the money you pay on mortgage goes to your interest and thus benefit the new house owner.
Increase the level of sustainability
Renters always lack sustainability as their large portion of money usually goes towards housing expenses and rents. On the other hand, your own house brings you the sustainable future by locking you in the mortgage payment that helps in leveling out living expenses, so when the income goes up, it can be budgeted elsewhere.
Unlike other commodities such as the car, mobile phone etc. that decrease their value with time, home ownership is quite different. This is something that gains value over time. Its price goes up almost every year and thus it is served as the reliable investment.
This concept is a bit tricky to understand. Equity can be better defined as the principal amount that you’ve already paid or the percentage of home you already own. Paying the principal amount is like depositing money in your bank as that money will become available for reinvestment in the home itself or for the new one.
Brings stability to your life
Nobody is actually interested in moving from one rental house to another and thus this home ownership brings the stability in your life. Renting home only brings inconvenience, financial and emotional burden which no one wants to face ever in his life. Staying in the same home is something incredible and this allows making some financial and emotional investment in your living space and your community.
Control over your living space
You can choose the color of the walls of your room and also paint them by yourself. In short, owning a home gives you full control over your living space and this might be the best feeling ever. You can make the essential improvements in your home without asking someone. Such improvements will increase the value of house financially.
Use this investment to make another investment
Last but not the least, owning a home is not less than the personal finance tool. The equity thatcomes from paying the mortgage will help you in making future investments in the same home or in a new one.
The list of advantages of owning a home is endless and these above mentioned are only a handful. Owning your own flat will surely serve as the secure investment of your life and also offers plenty of benefits.