Have you ever thought about buying a home?
Have you lived in an apartment your whole life or even struggled with finances while jumping from home to home?
People often think that the most intelligent financial decision for living is to rent an apartment and keep paying monthly payments. This is a very short term outlook, causing you financial strain in the future and cutting down on the amount of money in your pocket.
Buying a home is the best way to save money and gain assets in today’s market. Let’s explore the best reasons you should buy a home.
Renting is For Suckers
Renting requires you to pay large sums of money per month. This money goes away and never comes back. What most people don’t know is that mortgages or other financing options are often just slightly more expensive than paying rent for a small apartment. The only difference is that you actually own the property after you are done paying off your loan.
Renting is a rational decision when you are looking for a place to live in the short term, but it’s a wise decision to at least look at your options for housing while you look into apartments.
You Get To Own Something
Owning something gives you a sense of pride and it gives you something to sell in the future. Owning a piece of property provides you opportunities in the future for selling or for even renting out the property. Show off your home to friends and family. Invite your neighbors over and feel like a grown up with a house that is all yours for years to come.
You Can Eventually Sell It
The greatest part about owning your house is that you can eventually sell the house. If you rent your home or apartment there is no opportunity for you to sell the residence. If you own the home you receive a return on your investment even if the house depreciates in value. You always have that house as an asset and you receive a nice chunk of change for selling the house if you get in a financial rut or if you just want to gain some money to move elsewhere.
Another great benefit is that you can rent the home if you are having trouble selling it. Gain monthly returns from renters who need a place to live. Provide a place of residence and get a little money in the process.
If you eventually sell your home you have the opportunity to acquire benefits on your property taxes. Capital assets get preferential treatment when it comes to taxes, and it is a wise investment in the long term if you pay less taxes because of your home.
Now it’s your turn to contribute. Let us all know why you want to buy a home. If you have bought a home already what are the benefits? Did we miss anything on this list that should be included? We look forward to hearing from you.