Buying a home is often one of the largest purchases that an individual will make in his or her lifetime, but not everyone knows how valuable owning a home is versus the costs associated with renting. Not only does home ownership offer terrific monetary benefits, but there are also excellent psychological benefits associated with owning one’s own home.
Great Tax Deductions
A home owner may take advantage of a number of special tax breaks and benefits associated with home ownership and each year that tax time rolls around, a home owner will be able to reduce their tax owed based upon projects like work done to the house and interest paid on the mortgage. This is especially true if the homeowner is also running a small business out of their home (in which case a percentage of utility costs also becomes eligible for deduction).
If a home owner decides to rent out part or all of the residence, this action may also offer some positive tax deductions on the home owner’s tax return. Elements of home insurance and rates, such as those quoted at ired.com may also come into play for the aforementioned tax deductions.
Decorating the Home in Any Style
Residing in an apartment or a rented home often means that a person must put up with the rules and regulations associated with the rental agreement. It’s often not possible to make any significant changes to the space. Even performing a simple act like painting the walls of the apartment might be restricted if someone was renting the space. Part of what makes home ownership so terrific is that any home improvements and changes that a home owner wants to make are entirely the decision of the home owner. No rental management company has to be consulted. Since permission to perform the work isn’t necessary, it’s easy to plan fun projects and create new decorative projects whenever a home owner might want. Being able to take pride in the aesthetic appearance of a home is more important to some people than others, but it is definitely a factor in the overall decision of buying vs renting.
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