Dorcas Kariuki

5 GENUINE BENEFITS OF OWNING A HOME. It’s part of human nature to want to feel free and to live in an unlimited space. No one likes to be told what to do, especially when at home. These are just some of the disadvantages of renting that have led to many people investing in real estate to attain their dream of owning a home. Having a place to call home is a lifetime investment that requires high upfront costs and may seem challenging at some points. However, owning a home comes with loads of advantages that make it worthwhile. 5 Benefits of owning a home. Understanding the advantages of owning a home can help you make wise decisions for your family. Below are the advantages of buying a home over renting; 1. You get the freedom to make changes 2. It’s a yielding investment 3. Fixed housing costs 4. Improved stability 5. Owning a house provides tax advantages. 1) Freedom to make changes It’s against the tenant-landlord lease agreement for the tenant to renovate the property. Whether you’re renovating it to improve or destroy it. When you have your own home you have the total freedom to renovate and make improvements to increase the value of your property. You may decide to have a kitchen remodel, bathroom renovation, bright wall paints, or any other changes where you see fit. 2) It’s a yielding investment According to Annie Kou, owner of AK Luxury properties, purchasing a home now is a great investment. Buying a home helps you to build home equity and prevents you from paying someone else’s mortgage. Compared to other investments, such as a vehicle, a home provides a solid return on your investment. 3) Fixed housing costs The cranky monthly and yearly rent payments never give you peace of mind. Landlords increase their rent rates after every lease renewal or after making certain renovations. However, owning a home comes with stable monthly payments-especially if you obtained a fixed-rate mortgage when purchasing your home. To add to the benefits of owning a home, it comes with stable monthly payments which help you manage your monthly budget. 4) Improved Stability Owning a home brings a sense of security, permanence, and creates pride of ownership to the property owners. Purchasing a home is even more advantageous to one with or one who wants to start up a family. Having your own home provides a haven for your children. A place they create the best memories of their childhood that they live to recall. Owning a home contributes positively to your children’s academic performance by providing a friendly and quiet environment for study. Moreover, raising your children in a proper neighborhood reduces their likelihood of getting involved in crime. 5) Provides Tax advantages Did you know that your mortgage interest deductions may help you save money each year? The option to deduct monthly interest paid from your tax returns is indeed the greatest tax advantage of purchasing real estate. Apart from making deductions from tax returns, as a borrower, you can take off mortgage insurance payments or other home meant purchases. To avoid any tax uncertainties I recommend that you first discuss with your accountant or financial manager to understand better the impacts of owning a home on your tax rates. Wondering where to start as you purchase a home? Worry no more. Keller Williams’s reality is here to ensure own your dream home. Our agents are well trained and will walk you through all the steps when purchasing a home. Contact us on-. We’re located in Austin, Texas, and the United States.