Shelter is one of the three basic human need. It is unfortunate that not everyone on this planet 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. People living in rentals in the developing countries is very high. This is as opposed to the developed world where we have very many people owning their own homes. 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.
Owning a house has a lot of advantages. These benefits are only enjoyed by homeowners. The following are some of these advantages. First, owning a home gives you the ability to predict your monthly housing payments. This is something that can go on for thirty years. The landlords, however, can increase the rents paid for their property. 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 instance property taxes and accounting costs. The interest paid on the mortgage loan is the largest deduction.
Appreciation is also an advantage of owning a home. A house is an essential 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 market conditions, as well as the how you plan, will influence how the value of the property will increase. Homeowners have the liberty to make modifications to their 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.
The other thing is about privacy. Very few people do not mind if their personal lives are known to everyone. 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. Homeowners do not have such matters 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. The above mentioned advantages are a few out of many of the advantages that one gets to enjoy for owning a home.