Home Ownership

Owning a home is a rewarding smart venture. Besides, fulfill lifelong dream. There are practical reasons for investing in your first home. Home ownership enables families to grow and provides the freedom to live as they chose.   Homeownership is a long- term investment, as it stretches the ability of making modification, and provides sense of stability.

Ability of making modification to the house is a reason I want to buy a house. I want to be able to make cosmetics changes to the house such as painting my daughters room in pink, without any hesitations. Change the faucet, Wall Mount an LCD TV in my livings room wall. But renting has restrictions to modification, you have to get a permission from the landlord in order to make any changes, and most of the time his/her   answer will be NO. However, owning a house gives the ability of constructing, by adding a room, building a car garage, and building a pool in the back yard that will make the summer more enjoyable without even leaving the house.   “Your house your rules”. But renting does not give you those abilities.

Homeownership is a long term investment, the gratitude of equity in a home is one of the easiest and successful paths to wealth, that is available to you, to a large degree, it is almost effortless, you make the mortgage payment that you would have to make every month anyway and the balance is reduced. The worth of the home is increasing. The earlier you find yourself at 100% equity, means no more monthly payments, which will lead to a true wealth. But, renting an apartment monthly payment has no stop; and no type of investment. Basically, you are paying for somebody else’s mortgage and investment. In the article Louisville Magazine by   Reichert, Walt, notes “If you're in a home you bought, you're building equity in that property, if you're renting, that money goes bye-bye every month” (6).The house value rises but time, and the more customization, modification you make to it, the more is worth in...