Homeownership has always been an important milestone of adulthood. While some may just have had enough of putting part of their monthly wages aside to pay for rent, others may just want to buy a home and rent it out. People may want to own a home for many reasons. Whether you plan on owning a home for yourself or rent out, you may want to do it now and fast. Here is why;
1. House prices tend to rise over time; a home purchase is one of the best investments you can make.
We are four to five years into the biggest housing bust in modern history and prices have come down a long way– about 20 percent to 30 percent in (certain areas) from their peak. However, things are changing and while the rental prices are dipping, house prices are soaring, and that trend is likely to continue. If you buy a home now, you have put your capital in a safe long-term investment where it is likely to grow.
2. Sell your home when you please.
Sell your home when you please and avoid paying capital gains tax. After selling, you can upgrade into a larger home.
3. The home will be yours.
Do what you want with the home. Paint it purple, have a black carpet, punch a hole in the wall. These types of changes are often impossible when renting but when you own a home, you can design it as you please
4. You will have the peace of mind of owning your own home.
No more worrying about crazy landlords or rent increases, you will be able to live in your home for as long as you like and have a fixed payment each month for many years! No more unwelcome surprises!
5. Its forced savings.
A portion of your payment each month will go to the principal of the loan. This should not be considered a cost but a savings plan. You are just paying yourself by building equity. This will be extremely useful when you are ready to retire.
6. Pride of ownership.
Owning your own home gives the owner and their family a sense of security and stability.
7. Have as many pets as you want.
Love your pets? Homeowners can relax and enjoy their pets without worrying about landlords!
8. It is a buyer’s market.
No need for you to settle for anything less than the house of your dreams.