Before getting into real estate I never fully understood how great it is to own your home rather than rent. I would even venture to say I never fully understood until I finally purchased a home. It was then I was able to experience it first hand rather than just talk about it with clients. Let me go into the 5 biggest reasons I feel it's important to own your home rather than rent.
1. Hedge Against Inflation
By purchasing a home you can hedge your bets against this happening. Locking into a 30 year fixed rate mortgage means that what you are paying today each month will not increase year over year. we saw a 5.1% increase in rents from the first quarter of 2016 to the first quarter of 2017.
2. Forced Savings
Unlike paying rent each month you pay your mortgage. Which means you are actually paying into the equity of your home. This can be accessed if you are ever in a bind and need extra money. I have had clients use it for medical bills, home improvement projects, to start their own business or buy a vacation home!
3. Appreciation
Living in such a wonderful place like San Diego we are fortunate to have a history of increasing home and land value. This is significantly due to the desirability of San Diego and the inability to easily add new housing to the market. As a homeowner, you get all the benefit of the value of your home going up.
4. Tax Savings
If you are renting and make $60,000 per year and pay $24,000 per year in rent the IRS will still tax you on the full $60,000. As a homeowner, if you are paying $6,000 a year in property taxes the IRS will allow you to deduct that giving you a new taxable income of $54,000.
5. Your Future Is In Your Hands
As a homeowner, you make the decisions. You are not at the mercy of a landlord to decide when you move or what gets fixed. Many tenants will live with broken sinks or old carpet in fear that if they ask their landlord to fix it a rent increase will follow. With your home, YOU make the decision of what gets fixed and when.
Ladder Mankav Greens, one of the choicest address in luxury apartments in Calicut is a great investment choice in Kerala. The project, premium flats in Calicut, features international standards in design and construction
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