From: K-W-C Homes, Houses & Real Estate

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Benefits of Home Ownership

Buying a home is one of the largest financial decisions that a person makes in life. You will probably be advised from time to time by your family, friends, coworkers, among other people to buy a home but still be wondering whether it’s right decision. Usually the main reason people don’t even entertain a thought of home ownership is that they think, they cannot afford one. However, you’ll be shocked to learn that buying a home can sometimes be as affordable as living in a rented house. Try finding out home prices in your area, calculate the mortgage repayment per month, and compare it with the rent you currently pay, unless you’re in a very “hot”  or “inflated” market owning almost always beats renting.

There are very many advantages of buying a home compared to renting one. Things like price appreciation, interest savings, stable environment for family growth, sense of stability just to name a few. Below we’ll go into details on few of them:

The main financial benefit of owning a home is its price appreciation. With the value of your house increasing from year to year, this presents a good fortune. However, you should study the demographic and economic trend of the area you intend to buy a home, as these determines the rate of home value appreciation. Buying a house is a way of building equity. When you buy a home you are building a future but when you lease or rent, you are throwing away your money.

Tax credits or other government programs are the other benefit of home ownership. As government try to make it easier for people to own a home, many “buyer” programs are established and can be taken advantage of.

Knowing that you own your home, gives a family a sense of security and stability. More so you can upgrade your house as you wish, as opposed to a rented house. You can attach permanent fixtures, decorate your house according to your taste, and paint the walls with colors of your choice, among other things. There is also some pride in home ownership. You get to achieve a sense of community and feel some sense of belonging. Home owners are likely to join and belong to organizations around their homes as opposed to renters who might keep on moving from one place to another. In most cases home owners have stronger families compared to renters.

Owning a home help you plan your finances well as it stabilizes your payments, where you have a fixed-rate mortgage. Monthly mortgage payments are stable month after month, as opposed to paying rent that can be affected by the inflation rate.

As you plan to own a home, you should take it as a long-term and not a short-term investment. The transaction costs are quite significant, as you will pay property transfer costs, attorney fees, and insurance among other expenses. Ensure that you also make a good choice of a mortgage from the variety of mortgages available. Finally you should make reasonable assumptions about the likelihood of an increase in your income in future. Be conservative as you make your estimates.

It is important to look for long-term financial benefits. Some intangible benefits such as pride of ownership, security, and peace of mind are important too.