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Reasons and benefits of buying a house review

Reasons and benefits of buying a house review

benefits of mortgage loans

So many people don't find it easy when deciding to buy their first house either through mortgage or real estate companies in the world.

There are questions as regards to owning a property that is disturbing their minds like "are my ready to spend this much" on one home.  

You don't really need a mortgage broker or a realtor to explain much because I will share with you the reasons you should buy a home.

Here are the five (5) reasons why buying a property is important: -

1. Readiness to own a house.
2. Building equity.
3. You are secure in your job.
4. Tax break on mortgage interest.
5. Stability.

Five reasons you should not deprive yourself sleep at home.

  • Readiness to own a house

Purchasing a home is a big step. 

It not a pure financial decision; it is also an emotional one. 

So it makes sense to be nervous to make such a large purchase. 

However, if you are ready both financially and emotionally, you should take the step to buy a home.

PS - A home can not only provide security and a sense of accomplishment, but it can also set you up for financial success.

  • Building equity

One of the best things about owning a home is building equity. 

Incase you wish to sell your home, you will be able to get back some of this money to put toward your next home or another big purchase

Keep in mind that properties mostly appreciates. 

So you can make profits even if you decide to sell in the future and collect a large sum of money. 

You can take that money and put it retirement.

  • You are Secure In Your Job

If you are fairly secure and certain that you will stay in your current job, it is good idea to buy a home. 

Having a steady income will help you stick to your budget, pay your loan, and build equity. 

It will also prevent you from wasting money on flexible assets.

  • Tax Break on Mortgage Interest

The first few years of paying on your mortgage, the majority of your payment will go to paying on the interest. 

You can deduct a percentage of your interest from your taxes. 

This can help you reduce the overall amount that you pay in taxes each year.

  • Stability

Everyone gets to the point where they want stability in their lives. 

Owning your own home gives you a set neighborhood, Schools and community that you can call your own.

Four (4) Benefits of buying a property in Nigeria, Canada, USA, UK, Australia and other countries

  1. It's a tangible investment that has an intrinsic value due to its substance and physical properties.
  2. While financial Assets such as stocks, bonds, Forex, shares, Ponzi schemes etc. get their value from a contractual right and it’s intangible.
  3. It's tend to be more stable but less liquid than financial assets.
  4. It's offer the opportunity for diversification, inflation hedging and competitive total return potential.

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