It seems like all you hear these days is, “Buy a house if you can; now’s the best time!”. But most people don’t know why it’s so important to own a home, or why they should make that kind of financial commitment. The fact is, when you own your own home, you are able to build equity and reap certain tax and long-term financial benefits, that aren’t available to renters. Here’s a quick list of some of the benefits you will gain when you buy a house:
- Financial benefits such as tax deductions, ability to build equity, greater borrowing power, and more.
- You become part of a tight knit community that includes your neighbors, your neighbors’ friends, local workers, etc.
- The longer you stay in one place, the more your house will feel like a home.
- Developing positive relationships with the people surrounding you will earn you friends that can help you through any problem you come across, home-related or not.
- You can change your home to fit your short-term and long-term needs.
- If you want to start, or continue, growing your family, you can customize rooms, i.e. turn that office space into a new nursery, or even build on to the house in some cases.
- If you’re short on cash, or your friend needs somewhere to bunk for a few weeks, you can rent out rooms.
- Or you could rent out that space above the garage, or your almost-empty-tool shed if someone needs extra storage space.
Owning a home allows you endless opportunities to change and mold your space and your community to fit your needs. And moreover, owning a home leads to great financial benefits.
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