subject: Real Estate: Good Reasons To Buy A Home [print this page] You won't run into many real estate experts who will downplay the benefits of buying a home. Renting an apartment is a great solution for young adults getting to know the feeling of independence for the first time. Renting a house can be a nice go-between step for people who need to get used to the idea of their own property. But these shouldn't be permanent solutions. Buying your own property means no longer throwing money at something with no return. For the same amount of (monthly) money, you can often find a house with twice the space. More importantly, you're building wealth. Here are some other good reasons to buy a house.
Pride
Even if you try to be as selfless and free of ego as possible, there is a feeling of pride that comes with owning a home that can't be denied. Nor should it. A man's home is his castle. If you're a woman, the same feeling applies, of course. You are restricted when you live on someone else's property. Sure, you have fewer responsibilities, but you also have fewer freedoms. If you want to paint the walls, the best you can do is find a colored lamp and shine it in the right direction. Buying a house means you can do what you want with your real estate. That is a powerful feeling.
Building Wealth
You're not building wealth by renting an apartment. You're just making someone else rich. When you buy real estate, you're not just giving yourself a place to call your own. You're making an investment. For many people, it will be the most expensive investment they ever make. But it will-more often than not-be one that appreciates in time. Certainly, the market has its fluctuations. You can't be guaranteed that your house will be worth more in ten years. Over a long enough period of time, however, you can be almost certain that your house will be worth more than you paid for it.
Financial Advantages
You're not just building wealth when you buy real estate, you're also qualifying for a host of tax exclusions and breaks that you would never have if you stayed a renter. These can make a big difference at the end of the year. Mortgage interest deductions can take a nice chunk out of your tax burden as long as your balance is smaller than the total price of your home. Property tax deductions are available for certain first time homebuyers. These advantages can add up.
