Shelter is one of the three basic human need. Unfortunately, there are some people that do not have the privilege of a having roof over their head. There are very many international humanitarian organizations that are working day by night to ensure that people have a roof over their head. In the modern world, people have the option of either renting a home or buying one. The population of people living in rentals in the developing countries is very high. It is the opposite in the developed countries. Governments ensure that they encourage their citizens to own homes by coming up with policies that will favor it. Lowering the interest rates by the government is one such measures. The reason why the governments are doing this is because they know the advantages of owning a home.
Owning a house has a lot of advantages. These benefits are only enjoyed by homeowners. The following are some of these advantages. One of the benefits of owning a home is that you can predict your monthly housing payment. You can do this for up to thirty years. This is unlike renting where a landlord can raise the rent when the lease expires. Homeowners do not have to worry about the fluctuating rent. Also, there are tax benefits that homeowners enjoy. Majority of the expenses associated with owning a home are tax deductible. For instance property taxes and accounting costs. The largest expense is that of the interest paid on the mortgage loan.
Homeowners also, enjoy the appreciation benefits of the house. A house is a valuable asset. This means that gives you some sort of financial stability. The increase in growth of the real estate sector is one of the reasons why your house is one of the greatest investment. The market conditions, as well as the how you plan, will influence how the value of the property will increase. You can also make the modifications that you need to your house. If you own a house; you are the final decision maker for any changes that you might want to have.
Privacy is other issue. Most people prefer their lives to remain private. There are landlords who use inferior materials to construct houses. Some of the materials used for the walls do not provide sufficient sound barrier. Such cannot guarantee your privacy. When you own your house, these are some of the things that you will not have to worry about. To improve on privacy, you can even construct a fence.
And finally, and buying a home is cheaper in the long run than renting one. These are some of the good things that one can experience as a result of owning a home.