Archive for December, 2009

Five Reasons Why Being a Home Owner Is an Advantage in Today’s Difficult Times

Saturday, December 19th, 2009

Even in today’s economy, home ownership is still a better strategy than renting. It is a big investment, granted, but the money you put into a home that is a sound value will pay off. In addition to that, there are other significant advantages to moving out of your rental unit and deciding to buy your own home. Following are a few of the benefits in case you’re not sure whether to make the decision.

A Homeowner Can Do Whatever You Want

When you have a home of your own, you don’t have to worry about the neighbor right across the hall who blasts his music too loudly or worry that you’re going to forfeit your security deposit for hanging a picture. You can decorate it as much as you like. You can paint it an exotic color if you want. You can have a garden in your yard and grow your own produce if that’s what you want to do.

Who Wants Income Tax Cuts?

Owning your home provides tax deductions. You are able to reduce your taxable income by the mortgage interest you pay. Additionally, you can deduct your property taxes. Instead of giving that money to Uncle Sam, or paying it out in rent to someone else who gets to deduct it, you get to keep more of it.

Being a Homeowner Can Save You Money

A rental payment almost always goes up whenever you have to renew your lease. The landlord decides the amount you have to pay, and your only choice might well be to move out if it goes too high. But with a fixed-rate mortgage, your interest rate is level until you pay it off or refinance it. This could amount to a windfall of several hundred dollars in monthly living cost!

Your Own Home Provides Better Privacy

How many times have you been in an apartment and heard neighbors through the wall? Their problems, personal matters and even their arguments become shared, and that can become a source of embarrassment. Chances are that if you can hear them, they can hear you. That doesn’t usually present a problem in your own home. You have fewer disturbances from neighbors when you are in your own home.

Planning for Your Family

It’s nice to have a home to pass down to your children when you die. It’s good to have a home where your spouse can live if you pass away early, as well. Owning a home gives you a measure of assurance for the future in preventing more unpleasant possibilities in what would already be a difficult situation.

While a case can be made that there are some advantages to renting, for most families the significant advantages of owning your own home far outweigh them all. Don’t let anybody tell you that you can’t make it happen. This is why having a home you can call your own has always been part of “The American Dream.”

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