Buying a house is certainly a big decision, sometimes for both buyer and seller. People often overlook some important hidden benefits of buying a house. This article talks about 7 unlikely benefits of buying a house.
- BUYING A HOUSE IS A SAFE INVESTMENT
After the tedious search for a perfect and budget-friendly accommodation ends, you can start investing in your house. Most times, people end up reselling their houses, thus increasing their income. Their investment in the house increases its market value.
- INCREASED SAVING; BUILDING EQUITY
Money spent on fees such as house rent and other frivolous rental spending is reduced and this increases your savings. An increased saving or income rate definitely equals better economic and social security.
Living in a rented house definitely limits one’s choice and decisions of what to and what not to do. Buying your own house gives you authority over issues relating to the house. You get to choose the paint color, type of tile, time to lock the gates, and other decisions pertaining to the house. You even get to renovate the house to your taste.
- TAX REDUCTION
Tax paid by house owners is considerably reduced. The interest and property tax from your mortgage is reduced from your tax. When tax is reduced then the house owner has the ability to pay the mortgage loan and save more money.
- STABLE AND MORE PREDICTABLE COSTS
Costs become more stable and predictable. You know what you can and should afford. Ostentatious costs start to disappear, giving the house owner the freedom to focus on issues of greater importance.
Having your own house gives privacy. It ensures better security and allows you revel in your peace. The freedom to do exactly as you please without interference is an added advantage of buying a house. It also brings a sense of pride and fulfillment.
- BETTER CREDIT SCORE
Regarding your credit score, buying a house helps you build a better credit score. The continuous payment made to pay off your mortgage comes off as a sign of responsibility on the part of the borrower.
These benefits are small when compared to the numerous underlying benefits of buying your own house.
Article written by Sanusi Anslem