Many people, faced with the need, make a very important decision and consider whether they should rent, where they live, against taking the jump and buying their own house. While you need to be prepared, emotionally, financially / financially and with a decent understanding that owning a home, includes if, under certain circumstances, we better understand why for most people their home view, their only, biggest, financial asset! Since this is a very serious decision that should not be taken lightly, but rather in a well-informed manner, this article will attempt to briefly review, examine and consider 5 reasons that may make sense to own your home.
1. Accumulate assets / non-invoice payment: When one rent, everything paid for, month after month, is paid to another owner, and you don’t accumulate any property! While renting involves less responsibility, only when you own, you do not just pay another bill, but I hope you accumulate a degree of equity, etc.
2 Taxable interest rate on mortgage loans: Although the recently enacted tax reform legislation has excluded / restricted, the so-called SALT liabilities (state and local taxes), it continues to allow the deduction of interest on mortgage loans to a certain mortgage. This usually means that after taxes one pays less, clean, owning than rent.
3 Before deducting SALT up to 10,000 US dollars: For those of us who live in states that have higher government taxes, including, for example, in New York, state income taxes, relatively high property taxes, suburban taxes, etc., the limit is 10 The 000 dollars imposed by this law adversely affect us and probably constrain and limit the growth of property values, etc. Therefore, the calculations that we do should reflect this and adjust to create our net costs of the appropriate amount. However, this should not prevent the purchase, but, unfortunately, this is an additional consideration!
4. Pride of ownership: When someone rents where he lives, he is a tenant, not the owner, and has fewer responsibilities, but also has less opportunity to customize his place of residence, to meet your specific needs, changing conditions / family, etc. D. Ownership usually a very, real, intangible aspect, known as the Pride of Property, which creates a sense of pride by owning our own home!
5. Customization; change; renew; update / update: Tenants say little about their rooms, such as their kitchens and bathrooms, and their homeowner makes these decisions. In most cases, the same person must give his permission, for you, for drawing, etc. Also, since you are not the owner of your place, it is probably inappropriate to buy or install very expensive items that you may not take with you. if you move! Owners can customize, change, update, update / update, as their personal finances, and municipalities!
There are many reasons why people choose to own rather than rent. These 5 are common, but are a good starting point for making this very important decision!
