“You should a buy a home” is the common advice from your friends and family especially after having a good raise or having been renting for quite some time. So you heed their call and now you probably wonder if buying a home is indeed the best decision for you. The answer is YES. Why? Here are five good reasons for you:
Pride of Ownership
It is always different if you have a house you can call your own. The pride of ownership is the top reason why people dream to have their own home. You can do anything the arrangement, with the paint and other elements. You can turn the house “upside down” depending on your style and taste. Having your own home gives your family a sense of stability and security. It is also a good investment.
Over the years, real estate has consistently appreciated. Development in your area would mean higher value for your home. Investing on Scottsdale Homes is viewed as a hedge against inflation. This is another aspect where location matters in real estate.
Equity and Low Interest Loans
The value of the home is called equity. When you mortgage a house, your initial equity is the down payment you made on it. Additional payment on the mortgage means that your stake in the equity of the house rises. Equity also rises when the value of the home rises. In addition, equity is very useful in obtaining home equity loans which are low interest loans using the home as collateral. The owner can also borrow against a home’s equity for purposes like home improvement, medical, tuition or starting a new business
Tax savings is another benefit of owning a house. The interest paid in the mortgage payments can be used as a tax write-off. It is usually a very considerable amount and can save you a lot in taxes.
Preferential Tax Treatment
Capital assets receive preferential tax treatment. Once the profit derived from selling your home is more than the allowable exclusion, that profit is considered a capital asset as long as you own the house for over a year.
Benefits of owning a home outweigh the risks. It comes down to the mere fact that you own a home. Owning a home is the biggest decision as well as the most important thing you will ever do in your life. Rent is zero investment. So own a house if you can. And check out dream houses like Scottsdale Homes. Scottsdale AZ Real Estate can help you in finding a home that is coupled with investment and pride.
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