Buying a home has long been part of the American dream, but for some people, renting or other living arrangements may be better ideas. If you’ve found yourself wondering whether your living situation is all that it can be, below are three very good reasons you should buy a home:
1. It’s Yours
Possibly the number one reason to buy a house is that it’s yours. When you own your own home, there’s no landlord to ask permission when you want to make changes, and you get to decide what fixtures and appliances go into your living space.
You may also get tax incentives for owning your own home depending on your location. Some homeowners find that owning a home provides a greater sense of security since there are no leases or rental offices to deal with. When you know that your home will be there for you each night, there’s a sense of security that follows.
2. You Build Equity
When you buy a house, you’re purchasing an investment. Each mortgage payment that you make and every upgrade that you complete adds equity to this investment. If and when you decide to sell, your hard work and dedication pay off as your home will likely be worth more than what you paid for it.
Many people make millions through real estate investing. To do this, they buy homes at low prices, put in the time and energy to complete renovations and upgrades and then sell the homes for much more money. This strategy is commonly referred to as flipping, but even if you don’t plan to sell your home, you can still use its increased value as collateral to get business loans and personal finance loans.
3. Houses Appreciate in Value
In addition to the equity you build into a home you own, real estate is a proven appreciable asset. Home prices may go up and down in value with swings in the economy, but housing is almost always going to go up in value overall over time. This means you are almost guaranteed to have an asset that you can sell for more money in the future as long as you time the market right.
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