Five Reasons Why Being a Home Owner In Studio City and Sherman Oaks California Is Still a Worthwhile Goal
Even in today’s economic environment, being a homeowner is a better strategy than renting. It is a big commitment, granted, but that money you put into your home, when the home is a sound investment, will pay off. Besides that, there are several other good advantages to and deciding to buy a home. Here are five of those benefits if you’re unsure whether to make the decision.
Homes Help Your Credit Rating
Being a homeowner is beneficial on your credit report. It brings your credit score up. Granted, once you have a home you might not be as concerned about your credit as you once were, since qualifying to buy a home is probably the biggest reason to value a high score in the first place. With an improved credit score, however, you can in a few years if you need to.
Being a Homeowner Can Save Money
Rent usually goes up whenever you have to renew a rental agreement. The property owner or management company decides how much you have to pay; your only option might easily be to move if it gets too high. With a fixed-rate mortgage, however, your rate is level until you pay it off. This can amount to a savings of hundreds of dollars every month.
Federal Tax Deductions
Home ownership gives you tax cuts and deductions. Most significant among these is that you can deduct the mortgage interest that you pay. You can also deduct your annual property tax payments. Instead of giving that money to Uncle Sam, or paying it in rent to someone else who gets to deduct it to reduce their own tax, you get to keep more of it.
You Can Have More Freedom With Your Property
With your own home, you don’t have to worry about the neighbor right across the hall who plays his music too loudly or be worried that you’re going to lose your deposit because you put up a picture. You can decorate it as much as you like. You can paint it a brilliant color if that’s your pleasure. You can have a garden and cultivate your own produce if you want to. This reason alone, for some people, is enough to motivate them to want to be a homeowner.
Giving It to Your Children
Isn’t it good to have a home that you can leave to your children when you pass away? It’s also nice to have a home for your surviving spouse to live in security if you pass away early. Owning a home gives you comfort in these serious matters.
While there are some advantages to paying rent, the significant advantages of owning a home far outweigh them all. Don’t let anyone tell you that you can’t make it happen. Having a place that is your own has always been a central part of “The American Dream,” and deservedly so.