For most people, at some or other point in there life would like to own a home. It’s something that’s ingrained in us from when we were kids and often is a goal that many people set for themselves in their late twenties and early thirties. But, according to Real Estate agent Kerri Anne Nettles, for many people buying isn’t a feasible option, or renting in the long-run makes sense. If you’ve ever had doubts about whether buying a home is for you, however, read the article below for a comprehensive list of reasons why buying a house might just make a lot of sense.
A house is one of the most secure assets to own, according to Kerri Anne Nettles, as it (generally) only appreciates in value. While the real estate market moves in cycles – sometimes up and sometimes down – in the past few years it has generally moved in a positive trend. From 1972 until 2014, houses increased on average by 5.2 percent per year – this includes during the recession. Because housing is such a sought-after product, its value is likely to only rise in the years to come.
Money matters aside, the pride of ownership of a home is almost reason enough to buy a house. Having a space to call your own, that you have paid for with your own money and hard work, is an incredible feeling, and one which many people seek to have. “To know that you own something that is yours and have it be your own space full of possibilities,” Keri Anne Nettles says. “Is extremely liberating.”
The U.S. Tax Code allows homeowners to deduct the interest paid on mortgages as well as property taxes and other costs involved in buying a home. This makes it an extremely appealing for saving costs and reducing taxes in the long run.
A purchased house is pretty much an extremely stable savings account. Unlike renting, Kerri Anne Nettles says, which sees the money paid for accommodation simply disappear, owning a home allows you to make monthly mortgage payments which, instead of going into a traditional savings account, bolster the property value of your house. If you decide to sell it, you’ll be able to get the entire amount back, thus losing little to no money in the process.