Nowadays, the world is suffering from a global pandemic. In many areas of the world, it is a chaotic situation where people are losing their jobs but losing their houses too since they are not able to pay the allotted rent. The governments are not supporting them, and so the person whose house they have rented suffers also.
It’s always great to have a house of your own as it’s your personal property and there is no fear of being kicked out in times like these, but if you are still not convinced then I have collected 7 different reasons that can help you convince yourself and other people to have a house of your own,
You can customize your house according to your taste:
One of the most significant benefits of your own house is to do whatever you want, and if you have never lived on a rented property, then you don’t know what I am talking about. A rented property restricts you from doing what your heart desires because even if it is your home, you have no right over it, but in your own house, you can customize according to your needs.
You can paint the house in your favorite color; you can have the doorway of your choice, you can get the problems of the house fixed in your free time and most of all you can replace the undesired things. None of these luxuries can be enjoyed while you are living in a rented house.
Your house is private, and you can easily socialize:
Having a house is a huge responsibility, but let us not forget that many good things can be enjoyed after owning a home. A house is a gift by God. You have the authority to do whatever you want. You are not dependent on anyone. You can socialize whenever you want. You can socialize with whoever you want.
There are some people who we do not like. In that case, we can avoid them by living in our own house and asking them not to come. Sometimes we become depressed or sad for no reason, so we avoid social contact. If we do not have a house or live in someone else’s house, it seems awkward to prevent other people, while in our own house, we have complete command on not meeting people if we are not ready to meet them.
You pay less:
Owning a house means that you are free of so many things—a home, no matter big or small, excellent or bad, provides us with the best luxuries. When you have your own house, you are free of giving any rents. You are free to pay for any other extra taxes. You are free to spend your money freely on your life necessities.
You do not have to pay any extra bills just because your house owner wants it from you. You do not need to spend money on maintenance just because your owner wants it from you. You can maintain your house whenever it is feasible.
You have tax benefits:
Tax benefits are savings for a taxpayer. Tax benefits are those benefits, which create incentives by promoting responsible behaviors. Purchasing a house provides us tax benefits. When you are buying a house on lease, the tax gets exempted from it. Expenses are exempted from taxes. Amount paid as an installment of the lease is included in expenses.
So this portion of income is exempted. Moreover, bills, maintenance charges paid are also included in expenses. So obviously they will be exempted from tax. So the money spent on our own house helps us pay less tax, which is a tax benefit.
A house is an opportunity for passive income:
Everyone has a different source of income. Some people earn through jobs and some through business. Some rich people have a lot of houses. They purchase houses from an investment point of view. These people sometimes make purchases of houses to give it on rent, so it becomes a continuous source of their income.
This income counts as a considerable benefit as it helps people to relax, maybe work less and get time out for their family. Even if the family who has rented the house does not need the money, they can always save it for bad times, but whatever they do, all I know is, who hates extra money?
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No worries of rising rent:
We all know that a rented house has a lot of drawbacks. You do not have the authority to do anything by yourself. You cannot even move a single thing without the permission of the owner. But one major drawback you have to face in a rented house is that whenever the owner wants to increase money, he may raise it without your consent. They may order you to grow, and you have to improve it; otherwise, they can ask you to leave their house.
Such a problem does not even exist in your own house. When you have your own house, you are the owner. It is your property. You do not have to give rent to anyone. People living in rented homes always worry about increasing rent, but having their own home is free from this worry. Even if he has bid his own house, he can give it on rent and get the right amount of money.
It is an investment in property:
When you live in a rented house, you give rent. It merely means that your precious money gets wasted all the time because when you leave the house, you will never get that money back. But having your own house sounds different. Owning a house is, no doubt, a blessing of God towards us. When you purchase a house no matter if it is expensive or not; you are investing your money.
We know if we keep the money to ourselves as cash, then most of the time, we start to use it and make it finish, but when we invest it, we make our money secure.
Purchasing a house is an excellent form of investing money. It allows you to get your money even doubled! Some people buy houses just for investing their money because, with time, its value increases and sells it to profit. It is a good source of investing your money as well.
To sum it all up, work hard, save some money, and buy a house.