There is no place more delightful than one’s own fireplace….. Solomon Ortiz
Not all people value the same things in life, in fact if you were to ask this question you would get varied answers from My Car, to My Wardrobe or even My Guitar and so forth but rarely would you get an answer like ‘My Home”.
Home ownership is a huge financial investment and many people usually have reserved feelings before embarking on building one. Let’s start from ground up, finding the perfect site, the process of purchasing that piece of land, buying the materials, hiring the best contractors are not exactly a walk in the park, neither is offsetting that mortgage loan for that dream house you saw on a newspaper, but come to think of it, the merits of owning a home will make these drawbacks seem like minor inconveniences.
So let me tell you the perks of being the master of your own home.
To begin with, understanding the financial implications.
For those who secure a mortgage, the majority of monthly payments go toward paying the interest. Over time, an increasing amount goes toward reducing the mortgage balance. As you make payments, you reduce the principal and increase your share or “equity” in your home’s value. If your home “appreciates” — increases in value over time — equity builds even faster. Building equity — or savings — in your home is important. For many people, it lets them plan for retirement and achieve other future goals.
Home ownership makes costs more predictable and more stable than renting because they are based on a fixed-rate mortgage. The interest and property tax portion of your mortgage payment is a tax deduction. The more you pay, the lesser the expenses and in no time you will have cleared the loan and the house is yours. What tax will you pay now? Very little
Land generally appreciates with time. The value of your land today will not be the same tomorrow. So if you decide to sell your home after some years, you will be reaping major profits from that sale. You can also increase the value of your home by changing or adding something on it for example constructing a Servants´ Quarter or repainting it. It’s that easy your property is no longer worth what is was last year just by adding a fresh coat of paint!
Personal benefits include:
Security and peace of mind is something else that comes with home ownership, you no longer have to worry about the looming rental bill, or the towering image of your landlord banging on your door, or trespassing on your formidable neighbor’s land. The home is yours and so is the lush green grass in your compound you don’t share it with anyone. You are your own Landlord. When there’s peace of mind comes the freedom to do anything you want, you can redecorate or remodel your home according to your own taste. If you want to paint the all the walls black you can do so without worrying about the next door neighbor who repeatedly said black is not his color. The are no rules and regulations made by the landlord that you have to abide by, you make your own rules.
Last but not least home ownership comes with that great sense of pride and self satisfaction. Having a place that you call your own is truly priceless, it ceases to be just any exquisite house located at a serene environment but it becomes a Home and a Home is the most valuable asset a man can ever possess.
What are you still waiting for? Go out and turn that dream house into a home.
Get more property insights from Pam Golding.