Even when the economy takes its lumps, most people generally realize most of the common benefits of owning a home, rather than renting one. Home buying benefits can be substantially financially rewarding, especially after the house is completely paid for. Aside from the basic financial benefits, there are other reasons to buy a home that it seems people aren’t talking about quite as much – the social and psychological aspects of it. Here are some of the lesser-known advantages to buying a home, along with one or two of the classic reasons:
Investment: The long-term financial benefit must be discussed at least a little in any article about home ownership. Even if you’re not a financial guru, owning property for an extended period of time can be extremely beneficial to you. As long as you take care of your home – fixing what breaks, and keeping it in a good state of general repair – your home should increase in value. Even though the market fluctuates (especially recently), there is at the very least a gradual increase in value over the years. Should you get into a financial bind at some point in the future, a home is a great asset to have to bail you out and get you on your feet again.
Stability: One of the most commonly-overlooked benefits of owning a home is the concept of stability, especially if you have or are thinking about starting a family. There’s no shame in renting an apartment or house, but owning a home in the neighborhood of your choosing can offer stability for you and for your children, especially concerning the eyes of the community and where your children go to school.
Personalization: When renting, it’s not yours. If you don’t like the color of the walls in the living room, it’s typically just something you have to live with, unless you have an understanding landlord. When you own your own home, the world is yours. You can paint whenever you want, embodying any style or whim you choose. This can be especially helpful if you have small children who would like their rooms personalized. Not only painting, but you can add on a deck, take down the porch, etc. It’s all up to you and your tastes.
So while you consider all of the home buying benefits that have been talked about to death on television, newspapers, and financial magazines, consider to social aspects as you take the plunge. Buying a home can be a wonderful financial and psychological experience for you and your family.
Home Buyers Wake Forest
Raleigh Real Estate Agent
Gives input and advice on home buying benefits.
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