Top Reasons Why You Need to Buy a Home

The first and most important reason for buying and later on, owning your own home is simply to have a place called Home. A home is more than just a building. It's a place where you feel safe, secure and a place that is yours. It reflects your personality and binds a family together. It's the sense of ownership that really sets it apart from merely renting another apartment.

From a financial point of view it simply is the smart thing to do. There is a saying that rent money is "dead money", every cent you spent on paying rent is a cent that you will never see again. While if you spend that money that you would have spent on rent towards your own home and paying off a mortgage, it's something that grows in value and builds your own net worth. With a rental, you can leave when the lease is up and can move out early as long as you want to. With a home, you can't decide one day you just don't want to pay for it and move to other country to live off the land. You must continue to make payments or sell the house.

Lots of advantages in owning a house, first is the Tax deductions, these payments are usually fully deductible. And in the first years after a home purchase, most of the money paid toward those mortgage payments represents interest. Think of it as a government subsidy on the purchase. In addition, many closing costs, such as points paid and fees for your loan application and appraisal may be deductible, either immediately or down the line when you plant that "For Sale" sign in your lawn. Second is the Appreciation: We're talking about the financial kind. Homes are considered a safe, steady investment, with values that rise while debt amount drops. Third is the Equity: It is the portion of property that's actually owned, also rises over time. When you rent, you don't build equity. But when you own a home, it allows you to build the equity that accompanies appreciation. Fourth is the power: For owners who opt to stay put, equity still comes in handy. It can be used to secure a loan or obtain a line of credit. Fifth is the Stability: Renters generally have no idea what they'll be paying a few years down the line. Home owners with fixed-rate mortgages, however, essentially have the same payment for up to 30 years.

Your home is one of the most valuable asset you will ever own and the sooner you start, the sooner you can benefit. It is also something you can pass up sooner when the time comes. Many people are scared of the idea of committing to a mortgage due to the lack of budget, but if you are wise and get the necessary advice it really is quite a safe investment with minimal risk. Owning a home need to be a dream. Make it a reality and get on the property ladder as soon as possible!

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