Owning a home is the American dream and something all men and women in the US should consider. While more and more individuals are moving into apartments to try and save money during these tough financial ties, home ownership still provides a number of benefits to many. This I especially true if you have a family to take care of.
If you are thinking about purchasing a home, here are five great reasons to own a home:
Owning a home is one of the best things you can do to deduct your tax burden. If you own a home you can deduct all of your home mortgage interest from your taxes. The only catch is that your taxes will get immensely more complicated once you own a home. If you own a home you will want to itemize you taxes.
The ability to build equity is one of the main reasons why home ownership is often such a great investment. After a few years you will begin to see the equity, or market value of your home less any liens and mortgage payments go up. This is an exciting time as you are literally seeing your investment pay off. Every time you pay on your home, you own a little more of it. A wise investment.
Owning a home gives you the freedom to live how you choose. While you may have to default to the H.O.A. on occasion, you no longer have to deal with nagging landlords or loud neighbors that live way too close. You can decorate your home as you choose. You can landscape your property how you like. Most first time homeowners find the freedom and pride associated with their new home to be intoxicating.
Living and owning a home provides homeowners and families alike a sense of community. By owning a home and becoming a part of the neighborhood community you build relationships. You meet reliable and trustworthy neighbors that can help you out in a pinch. This is especially true if you choose to buy a home in a neighborhood that was suited to your lifestyle.
Owning a home is the best way to raise a family. Children need to have a place where they feel comfortable and safe. They need to have a place they are proud to call home. While apartments can be ok, children and families tend to bond together much better in an environment where people don’t move in and out a lot.
As well, by owning and living in a home with your family your children begin to grasp the concepts of community living. They begin to make friends with the neighbor children and respect older neighbors.