It's very hard to find a good home to rent for yourself, as there are many choices. But first, we need to evaluate if it’s good to rent or to own the house. If we want to live the way we want, it is better to own a house than to rent it. Plus, building equity is always a great thing!
There are many arguments which indicate that owning a house is ten times better than renting it.
There are many arguments which indicate that owning a house is ten times better than renting it.
Homeownership Freedom
If it’s your home, you can do whatever you want with it. Including, painting the walls whatever color you like. You can bring in your own fixtures or choose a modern front door. Another words, design the home to suit your family's needs. You can change the paint color design of the house without any approval from the landlord. Living in your own house can be such a relief.
Even if you have a quote with the painter or carpenter, you can decide the time-frames according to your schedule. You won’t have to ask the landlord for permission. you can upgrade your appliances and the whole house, it's yours to do with as you like.
Even if you have a quote with the painter or carpenter, you can decide the time-frames according to your schedule. You won’t have to ask the landlord for permission. you can upgrade your appliances and the whole house, it's yours to do with as you like.
Privacy and Socializing
When you are a homeowner and not renting a house in Jacksonville, you do not have any privacy invasion or landlord interruptions. You can stay distant with the neighbors if you like, or you can socialize with them all you want. Having your own space, inside and outside to entertain your guests has it's rewards. And the fun part is, your payments are building you equity the entire time in the home.
Building Equity
With homeownership comes a mortgage payment. The house that you will buy today will have a much greater value in the future. This means that you stand to make an immense profit from your house if you wish to buy it verses rent.
You can use this equity for many purposes such as a personal loan, to pay off debt, for hospital bills, for tuition or etc. If you have a good lender and a good credit score, you can refinance a loan on 80% of your home's value and keep the 20% at the mortgage. Refinancing can allow for repairs that raise value; such as wood rot repair, painting or upgrades with kitchens and baths.
You can use this equity for many purposes such as a personal loan, to pay off debt, for hospital bills, for tuition or etc. If you have a good lender and a good credit score, you can refinance a loan on 80% of your home's value and keep the 20% at the mortgage. Refinancing can allow for repairs that raise value; such as wood rot repair, painting or upgrades with kitchens and baths.
Investing in Your Future
Wise people do not save money, but invest in assets. The price of the house increases with time. You can gain profit from your current house value. Moreover, you can also take advantage of the interest rate which gets higher as compared to the past.
Tax Benefits
If you are a homeowner, you will have a yearly tax deduction for the current interest and your home taxes that you paid. This outweighs every rental property tax return or refund. Hence, buying a house will give you immense tax benefits.
For now, everyone reading this might be convinced why owning a house is preferred over living on rent. And just think, buying your own house gives you warm fuzzies, every time you get home.
For now, everyone reading this might be convinced why owning a house is preferred over living on rent. And just think, buying your own house gives you warm fuzzies, every time you get home.
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