Home ownership has traditionally been a significant milestone of maturity, sometimes referred to as the “cornerstone of the American Dream.” Foreclosures reached an all-time high during the 2008 crisis. Three million Americans lost their homes to foreclosure in 2008, an increase of 81 percent from the previous year and 225 percent from 2006.Younger Americans have been delaying becoming first-time homeowners due to the post-recession economic climate, among other considerations. Despite the delay, millenials still believe that owning a home is preferable to renting. According to a TD Bank survey of 18–34-year-olds, 84 percent of those polled expressed a desire to become homeowners.Purchasing property was described by half of the respondents as “a critical component of the American Dream.” Do you have conflicting emotions about purchasing a property right now? A list of ten reasons why owning a home is still a good investment has been created by VA Home Loan Centers.
1. Home prices rise over time, so purchasing a home is one of the best investments you can make.
We’ve been in the midst of the biggest housing bust in modern history for four to five years. And prices have fallen by 30 percent to 50 percent (in some areas) since their peak.For the past 20 years, home prices in the United States have climbed at a rate of 3% to 6% each year, and this trend is likely to continue. If you buy a house now, you’re putting your money into a secure, long-term investment that will likely grow in value.
2. You’ll save money by paying less tax.
The interest you pay on your mortgage can be deducted from your taxable income. The greatest tax benefit is usually given to new homeowners who have recently taken out a mortgage. The larger the monthly interest payment on a newer mortgage, the greater the tax benefits. Taxes on real estate are deductible, which provides a significant benefit to the homeowner. Homeowners frequently discover that owning a property is less expensive than renting it.
3. You have the option of selling your home whenever you want.
Avoid paying capital gains tax by selling your house. You can upgrade to a larger home once you sell.
4. You will own the house.
You are free to do whatever you want with the house. Paint it purple, lay a black carpet on the floor, and rip a hole in the wall. When renting, these types of adjustments are generally impossible, but when you own a home, you can design it however you like.
5. Currently, interest rates are very low.
As a result, home loans are quite affordable today. Your mortgage payment may be less than your rent in some places!
6. You’ll enjoy the security of owning your home.
You won’t have to worry about insane landlords or rent increases since you’ll be able to stay in your house for as long as you like and pay a fixed monthly payment for the next 30 years! There will be no more unpleasant shocks!
7. It necessitates saving.
Each month, a portion of your payment will be applied to the loan’s principle. This should be viewed as a savings strategy rather than an expense. You’re simply paying yourself by accumulating wealth. When you’re ready to retire, this will come in handy.
8. pride in ownership
Owning a home provides a sense of security and stability to the owner and their family.
9. You are free to keep as many pets as you want.
Do you adore your pets? Homeowners may unwind and enjoy their dogs without fear of eviction. It’s a buyer’s market right now.
You don’t have to settle for anything less than your ideal home.