You are ready to become a homeowner, and like most tenants, you probably dream of the day you will kiss (or maybe just text) your landlord goodbye. However, an end to the dreaded rent-due reminder is only one of many reasons you should seriously think about, and plan for home ownership. Here are more:
Pride of ownership
There is a sense of pride that will well up inside you as soon as you’re handed the keys to your new abode. It’s something like what you felt when you bought your first set of wheels, only more significant. Even if you reach the end of your rope, you have your own place to rest your head at night. You can’t quite say this for a car, though you can sleep in it.
Securing your finances for the long haul
Besides reducing your monthly expenditure, owning your home makes for better financial planning. Rents may rise or fall depending on various factors, so not having to factor it into your budget makes your spending easier to predict.
Furthermore, a house is one of the few assets that can increase in value with time. As long as human beings who need a roof over their heads are being born, housing will always be in demand.
As you pay your mortgage month by month, you are putting money towards the ownership of an asset. With rent, you will just be temporarily addressing your need for shelter while enriching your landlord.
You get tax breaks
If you have joined the ranks of homeowners in the US, you will qualify for deductions in the amount of interest you pay on your mortgage. The amount of property tax you pay will also be subsidized.
Lay a foundation
Being a tenant who may or may not be around next month demotivates most of them from growing roots where they stay. If you have invested in a home, you have also staked your future on the area it is situated. You will, therefore, be more interested in knowing your neighbors and building lasting relationships with them. You will also want to participate in projects that will better the area for the long-term. That satisfying sense of belonging will strengthen year by year.
Take the first step towards home owning your very own home by asking your local bank what it takes to get a mortgage.
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