10 Reasons Why You Should Own Rather Than Rent a Home

My childhood was spent in a rented home but by the time I was a teenager, we moved to our own home and it definitely was a different feeling. Now that I am married, we again don’t have the liberty of staying in our own home even though we own one. Staying in company offered houses can never give you the feeling that a self owned home provides because we know that we will have to move to a new place in a couple of years.

A self owned home is every individuals dream. People work and struggle all their lives to build good homes or buy homes to secure their families. Nothing can give a better security than living in your own home. Hence, there are many reasons why you should own rather than rent a home.

Home sweet home

Following are the 10 reasons why you should own rather than rent a home:

  1. You will have better sense of security even when you are not around for a long time.
  2. You can decide in which locality you want to by the house and also stick to your budget.
  3. Taking a loan for buying homes is deductible from federal income taxes. Hence costs like mortgage interest, property tax and others will not pinch your pocket.
  4. One of the most important of 10 reasons why you should own rather than rent a home lies in the sentence itself. You will be the owner and the sole decision maker.
  5. Mortgage or home loan rates interests are low. Hence it is a good time to buy your own home.
  6. All the expenses shall be predictable and will not increase with time like rental property.
  7. Buying your own home is the best form of investment. You can never get your rent money back but money spent in buying a home is definitely put to the right purpose.
  8. You can decorate your home and paint it as per your choice. Any additional plumbing or lighting fixtures can also be installed and you will not have to worry about moving them from one place to another.
  9. You will enjoy all the benefits of living in a neighborhood like schools, parks, playgrounds and work towards its betterment too.
  10. It is also very helpful for the future. The house can be sold later at additional profits without having to worry about paying federal taxes on income from the profits.

Home sweet home2

Thus you can have many advantages of buying or owning a house rather than renting it and being led by the decisions of your landlords.

Image Credit: srqpix, Diana Parkhouse

Comments

  1. Hi Bhakti, I was reading about you on your lovely site. I could relate to you instantly at one sentence ‘ In spare time , I don’t read books, I cook’. Besides , I love shopping too. I had a smile on face after reading that. Now I know there are people like me who loves everything about food.

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