Why You Should Own Your Home and Not Rent

There are times when renting a house is better than owning one, but that is only in a few cases. The reality is that owning a house has advantages over renting in the immediate and long run and it comes with a lot of financial and esteem benefits.

Recent research reveals that there are benefits to both the community and individuals when more people own their homes. These benefits include people being move invested in the community they leave in because they are more likely to live there for many years and decades.

It also leads to increased education for children, lower teenage pregnancy rates, and a higher annual income for families. Other reasons why you should own your own home are:

  1. Housing Costs

Owning your home usually means more stable costs because rental costs can be unpredictable and will rise from year to year. Rental costs never go down but mortgage repayments remain unchanged for the entirety of the loan. This is especially important during high inflation periods when renters lose money and landlords make money.

  1. Tax Savings

Being a homeowner will entitle you to tax savings because you can deduct interest and property taxes from your income tax. This can be a lot of money because the first few years of your mortgage is mostly interest and taxes.

  1. Equity

Instead of money going into someone else’s pocket with rental payments, you will be building your own equity by owning your home. This is one of the biggest assets you will have and each year that you own your home and pay more toward the principal, you will get it back when you sell your house.

  1. It’s Yours

This is the big benefit of owning your home and it gives you the benefit of decorating it as you like and landscaping it in any way you wish. You can have pets too and no one will pop in to inspect the property to ensure you are keeping to the rules. Best of all you won’t have to worry about losing your home because the landlord wants it back for whatever reason.

Abode Lets is a property management firm that is here to help you with your landlord or tenant enquiries. Contact us at http://www.abodelets.com