Despite the economic crisis that began in 2008, home ownership is still much better than renting. For starters,
investing in a property is a great deal cheaper in the end than renting even while you build equity of your own. When sound built homes
you are renting, you are in effect increasing the equity of the landlord as you pay his mortgage. For
every amortization you're making on your own mortgage to acquire a home, your equity increases while the
worth of your property also apprreciates. For a way much equity youve built, it is possible to borrow
against said equity if you have major financial needs. Rent on the other hand is down payment the drain.
Using the markets volatility, rates of interest either can rise or down. A boost in rates of interest won' soundbuilt homes
longer affect you however when rates of interest fall, you can make application for a refinancing of your house loan
at lower rates of interest that can mean lower amortization payment. Rent, however will increase but
seldom or even never decrease.
Another reason why homeownership surpasses renting is the incentive provided by the government
to home owners such as tax credits for property taxes and interests. You may also apply for tax
exemption for capital gains up to and including certain quantity whenever you sell your property. If you are working from
home, you may also include as tax deduction utilities and office rent for your residence business.
Besides the financial advantages of owning a home compared to renting, another reason why why its
better to own than rent may be the creative freedom it affords. Should you own your property it is possible to decorate,
renovate, and improve it to your hearts content which you can never do if youre only renting. In addition, you
use a personal choice and control as to how to maintain it.