In recent times the housing market has experienced some hard times or downward pricing cycles. In even more recent times, the homes prices have seemed to stabilize and private ownership seems to have again regained its values. Here are eight great reasons to own ones own home.

The first great reason why an individual should own their own home is simply the pride of ownership. Something happens to any individual who owns their own home, they become more of their own person. They depend on no one else’s good will to provide for them or to shelter them. They have a place of protection, shelter, comfort, and many other small benefits that aren’t always taken into account.

The second great reason an individual should own their own home is because of the appreciation real estate experiences. As the population of any country increases, the value of available real estate increases. This is because land stays the same but humans increase in population effectively making land more scarce. Scarcity of land will always cause the price of the land and the home on top of it to appreciate in value.

The third great reason why home ownership is a great idea is the tax shelter they provide. A single man with no home who is making a great deal of money a year will be taxed significantly higher than a single man who owns a home because of the mortgage interest tax deduction. The deduction is effectively the government paying back the interest paid on the mortgage.

The fourth great reason why home ownership is a great idea is the property tax deduction. All the income that is spent paying out property taxes can be deducted from ones income. This means that the government will tax less for the overall income because of the money spent on property taxes.

The fifth great reason an individual should buy or own a home is the capitol gains exclusion. If a single person or a married person has lived in a home for two of the five years the home has been owned, and they resale the home, they will not be taxed on up to $250,000 of the profit made on the home. Homes can potentially earn a lot of money tax free.
The sixth great reason an individual should buy a home is because the government gives them preferential tax treatment. It is nice to have the government treat any individual with a more dignified way.

The seventh reason why an individual should own a home is to pay off the mortgage and build equity in the home. Every principle payment made on a home gives the homeowner more power over it. It is almost like a retirement savings account to have a home paid off, or to work towards paying off the home.

The final reason why an individual own a home is once the home is owned and the home carries a large amount of equity, financial institutions will be more than willing to open a home equity line of credit where they lend money backed by the home itself. That line of credit can become very useful in life when cash is in dire need.

Author Bio: Juhlin Youlien writes about Fountain Hills AZ homes for sale and Fountain Hills AZ homes for sale and other real estate like Homes for sale in Tucson AZ and Tempe AZ homes for sale.

Category: Real Estate
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