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Advantages of Owning Your Home

Aug 18, 2007
If you're thinking about buying a home, it's important to weigh the pros and cons. Whether it's a castle, a city townhouse, a beachfront condo or a sprawling ranch, there are many advantages of owning a home.

Security

One of the most compelling reasons that people cite for buying their home is security. They want the peace of mind that comes with not having to deal with a landlord or noisy tenants in adjoining apartments with paper-thin walls. Many people feel more financially secure, knowing that they have built up a substantial equity in their own home. They like the security of knowing they can draw on that equity if needed for their children's education, medical expenses or retirement.

Freedom & Stability

If you have children, there's nothing better than sending them to your own backyard to play, instead of taking them to the park. Many people enjoy knowing that their children will grow up in the same neighborhood, with the same friends and schoolmates for many years.

Senior citizens and single people appreciate the freedom of home ownership. They can paint the walls any color they like, put up a satellite dish for their TV and build customized shelves without worrying what the landlord will think. Owning your own home also eases those nagging fears about rent inflation. When you own your home, you're truly in charge.

Investment

Housing prices fluctuate slightly, but historically real estate has proven to be one of the best investments over time. It's a cliche worth repeating: paying rent is like pouring your money down the drain. Instead of putting money in your landlord's pocket, why not make a lasting investment in your future?

Tax Advantages

One of the biggest reasons to own a home is the tax advantages it confers. Much of the interest and property taxes that you pay is a deduction on your annual income taxes. Many buyers find that home ownership gives them hidden tax benefits. Because they now itemize their taxes, they can also deduct state income taxes, charitable donations, theft losses, moving expenses and miscellaneous items. A renter may not have enough deductions to make it profitable to itemiz - a homeowner almost always does.

Home ownership is a big responsibility, and it does involve some maintenance. If you plan to move across the country every year or don' have a reliable income, then homeownership might not be the right choice for you. However, most people of all ages in every income bracket find that home ownership makes sense when they consider security, freedom, independence, investment and the tax advantages.
About the Author
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