There are a great number of reasons as to why owning your home is a wise decision, both personally and financially.
The first and foremost reason is that you will have a place to call your own. Owning your own home gives you a true sense of independence, privacy and security. The satisfaction of a place you can call your own truly is priceless. Your own home is a place to raise your family and be a part of your community. And it can be passed down to provide security for your children and grandchildren.
Buying a home is a great long term investment. Real estate continues to be a solid long-term investment for most households providing wealth accumulation especially for those who keep the home for a typical holding period of six to 10 years. Housing generally provides steady returns unaffected by volatile movements in the stock market.
You can build equity. Owning a home is the single greatest source of financial security and independence for many people. You can build equity as the value of your home appreciates steadily over time ─ as a result of any improvements you make, the strength of the local economy and other factors.
Thanks to Realtor
Another great reason for owning your own home is (for lack of a better term), forced savings. Most people find it hard to voluntarily save their money. Having your own home will encourage you to save money as it will effectively generate a personal financial surplus and help you live a much more relaxed lifestyle.
Pride of ownership is a great reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It’s making an investment in your future. Via www.homebuying.about.com
Save money. Owning your own home is a large expense, but you can save money by renting out rooms and sharing the cost of your mortgage.
Wealth & Appreciation. One of the biggest reasons why buying your home is a better option than renting is that when you rent you are throwing money into something that you do not benefit from once it’s gone. Once your house is paid off you have no more repayments and you own your own home. You are able to sell your home if that’s what you desire and you then have wealth. When you rent, all you’re doing is paying off somebody else’s mortgage.
Less restriction. Owning your own home makes you less vulnerable because you don’t have to worry about renewing leases, possible eviction notices, endless inspections and other restrictions. When you have your own home you make the rules and are not under the firm control of your landlord.