Purchasing a home was always one of my major life goals, and I bought a house as soon as I was financially ready. Now that I’m a property owner, I’m even more convinced that this was the right move for me.
Here are four big reasons I prefer owning my house to renting a place.
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1. I can’t rent the type of house I want
It’s very important to me that I have land around my house, because I have dogs and I like to garden. With children and a large extended family who likes to visit, I also need plenty of space indoors. And I work from home, so I need a house where it’s comfortable to do my daily tasks.
Renting a house that meets all of my specifications would be almost impossible, since the types of properties I’m interested in don’t often come up for rent. But by buying, I can get exactly the type of house and lot that makes me happy.
2. Homeownership helps me build wealth
Each time I pay my mortgage, I acquire more equity in my home. My house is a valuable asset that becomes worth more over time as the property value grows, I pay down more of the debt, and the bank’s ownership interest shrinks.
Eventually, I’ll own my house outright, which will be worth quite a bit. I can sell it if I want to, and put the money into my retirement account. Or I can stay put and live mortgage-free as a senior. In either scenario, my house will make me more financially secure because it’s served as a wealth-building tool.
3. I can claim tax breaks for homeownership
Because I itemize when I file my taxes, I’m able to claim a tax deduction for the mortgage interest I pay, as well as for my property taxes.