Own instead of rent
Although we each need a so-called place to hang our hats and call our home, there are various options and alternatives to continue renting, purchasing, and owning a house. While financial considerations are apparent factors, this article will emphasize five other key factors involved and related to why many choose to buy rather than rent. Remember, however, that each of us has specific personal priorities and a comfort zone that can either be real or not and of service that works with our interests. With that in mind, this article will attempt to briefly consider, examine, review, and discuss these five considerations and why they often make a huge difference in one’s approach and actions related to this.
1. American Dream: Many feel/ believe owning a home is a critical component of the so-called American Dream, and they want to claim their part of that perceived deal. When we hold, our monthly payments, and costs, although often higher than when we rent, instead of going to a landlord. Build some financial equity, and, for the vast percentage of the public, the value of one’s house is their single-biggest financial asset.
2. Pride of home ownership: Beware of the dangers of focusing and emphasizing, Keeping up with the Joneses. It seems many want what is often referred to as bragging – rights and having a house to show – off, even if it may mean more stress and less – than the highest degree of happiness, and satisfaction, in the longer – run with the purchase. Nevertheless, this pride-in-home – ownership is often a major, significant factor.
3. Equity versus mere – expenses: When we rent, we gain, no financial gain, from the years of paying rent and being a tenant. Although some may not be equipped for home owner’s responsibilities, many first-time buyers focus on the potential equity gains of their primary asset. However, it is also essential to consider the dangers of trying to market-time flip houses.
4. Tax advantages: Several tax advantages are associated with owning a house. These include deducting mortgage interest-paid, real estate taxes from one’s gross income, and determining net income for tax filing purposes.
5. Customizable: When you rent, you live in a place owned by someone else, and no matter how – hard you try to make it yours, only when you own is it possible to customize living conditions, and quarters, to meet your personal needs, priorities, perceptions, and, life – situations/ changes.
Whether owning or renting, you can always choose to make a home as cozy as it can be for yourself and your family.