Purchasing a Home

660 Words Feb 23rd, 2018 3 Pages
For others, it is their worst nightmare. Purchasing a home is one of the biggest financial decisions one will make in one’s life time. It is therefore imperative to carefully consider the pros and cons of homeownership.

Advantages of owning a home

There is pride of ownership of the house. When you buy a house it becomes your legal property, which allows you greater freedom in its use without restrictions often enforced by a Landlord.
Buying a house serves as a means of storing value and there are likely chances of appreciation in the value of the house. i.e. The value of a home will appreciate over time and if you decide to sell, you can earn a profit off the sale.
Owning a house is also a lifestyle choice. Owning a home offers the long-term benefits of security, equity and potential growth in personal wealth.
Being a Homeowner allows you creative control of your property. You can alter the property, including décor changes, landscaping and renovations, to suit your needs and your style.
Owning a house is a means of tax reduction for mortgage interest. More so, there is an opportunity to save money in the long term as there are possible tax deductions related to income-generating properties.
Owning a house gives you the option to refinance your bond amount should you wish to withdraw a large amount of money to pay for major purchases.
Being a Homeowner allows you creative control of your property. You…
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