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There are many advantages to owning a home, including:
Security
A feeling of security that comes from owning a home and the knowledge that your home is a safeguard against inflation.
Investment
Payments on your mortgage loan mean you are acquiring a major possession; unlike renting, you own more and more. The garden you plant, the permanent improvements you make - all enhance your way of living as well as the value of your home.
Tax Advantage
Your real estate taxes and the interest on your mortgage are possible deductible from your income tax. Add in depreciation & savings can be significant. Ask your accountant.
Financial Independence
Most people start on the road to financial independence through home ownership. Your principal and interest payments remain the same for the full term of your mortgage while your rent usually goes up as the cost of living increases.
Environment
Your children grow up in the neighbourhood of your choice.
Cash Equity
Better than a savings account, your home can appreciate to keep pace with inflation. Over the last 30 years the average price of real estate has doubled in value every 5 to 10years.
Satisfaction
Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during holidays, a home workshop, a chance to enjoy your family's
companionship in the privacy of your own home.
How much home can you afford ?
The general rule of thumb is about 35% of combined earnings. This can sometimes be a little higher. Most people need to purchase a
number of properties in their lifetime, using each purchase as a stepping stone to achieve their dream home. People start with what they
can afford right now. If you are a first home buyer you can pick up the government incentives of $7k cash grant & discounted stamp duty.
Want to move up & out of renting ?
When you're in your 20s or 30s, you may want to start thinking
about your golden years. Paying $1500 rent per month now is the equivalent of buying a home for $200,000. In 40 Years with approximately 4 percent
inflation per year, your $1500 per month rent may increase up to $7,200 per month. With owning you could have your mortgage paid off in as little as
15 years. Owning a home is a very wise investment. Over time you may build up equity that can be used to pay for home improvements, a bigger home,
etc. Real estate historically is one of the most stable markets available to invest your money in. There are also tax advantages to owning. The
interest you pay on your mortgage may be tax deductible. Talk to your account for more information. To see how you can go from a renter to a
homeowner, please call Easy houses now on 1300 720 815.
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