Home ownership is a rite of passage that many people dream about day in day out. Owning a home has more privileges than disadvantages. Some of the advantages of owning a home is that it gains equity over the years, stabilizes your housing cost, it’s an investment, increases your own sustainability, stop moving, gains control over your living space and has social benefits. The relief of not having to pay rent every month reduces the total cost spent and can be direct to other activities or projects. The space available for home owners can be used much to their liking and not have to worry on how to modify your space to better suit their needs. Also through gaining control the value of the home increases significantly. The value of homes is increased significantly as it is resulted from the power of gaining control of your living space.
People who rent are not able to sustain for their future lives as most if not all of their income is used on paying utilities and loans. Investment and equity are directly related to each other. Equity is basically defined as a part of the principal balance paid or the percentage of the home you already own.
In order to have a chance of reinvesting, principal paid is more or less the same as money deposited in the bank. Since equity and investment go hand in hand, homes tends to appreciate in value overtime as compared to other items such as cars. Social benefits are realized by home owners as they build strong long lasting connections. Most home owners are able to exploit opportunities that come their way as they have built strong relationships with the community.
Some reasons have come up as to … Read More..Read More →