Among the three human needs, shelter is one of them. However, not everyone is privileged to have a roof over their head. There are some international organizations that are working tirelessly to change these unfortunate facts. Nowadays, you can choose either to rent or own your own home. The population of people living in rentals in the developing countries is very high. This is not the case with the developing countries. Governments ensure that they encourage their citizens to own homes by coming up with policies that will favor it. Lowering the interest rates by the government is one such measures. The benefits that are associated with owning a house is the main reason why most governments are taking these measures.
There are very many advantages that you can enjoy from having your own house. If you live in a rental, you cannot enjoy these benefits. The following are some of these advantages. One of the benefits of owning a home is that you can predict your monthly housing payment. This is something that can go on for thirty years. This is unlike renting where a landlord can raise the rent when the lease expires. Therefore, with owning a home, you will not worry about the rent fluctuating. The tax benefits are the other good thing about owning a home. The nature of the expenses of having your own home are tax deductible. For example the property taxes and accounting costs. The largest expense is that of the interest paid on the mortgage loan.
Homeowners also, enjoy the appreciation benefits of the house. A house is a valuable asset. Owning home comes with financial stability. The constant growth of the real estate makes the house one of the biggest investment that you can ever make. The value of a property increases depending on how long you plan to live in the house and the market conditions. You can also make the modifications that you need to your house. If you own a home, you will not need the permission of anyone to be able to make simple changes like repainting the house or to the complicated house remodeling.
Privacy is other issue. Most people prefer their lives to remain private. However, some of the rentals are built using inferior building materials. For instance low-quality plywood and shoddy drywall are not capable of providing a greater sound barrier. It is difficult to enjoy privacy in such a situation. When you own your house, these are some of the things that you will not have to worry about. To improve on privacy, you can even construct a fence.
And finally, and buying a home is cheaper in the long run than renting one. These are some of the good things that one can experience as a result of owning a home.