Top 5 Benefits of owning a house (Vs Rent)
Around the world, many people have their own homes whereas many more live in rented accommodations. What are the top 5 benefits of owning house, which makes it preferable over renting an accommodation?
Security and stability
As soon as the recession hit the US economy in 2007, it affected all the industries in the country and housing sector was one of those. The recession wiped out huge number of jobs from the market causing high unemployment rate. This unemployed section was unable to pay their rent and was thrown on the road. On the other hand, people who had their own house were able to survive the recession more easily.
When you have a home of your own, you can get a lot more stability and assurance. Even if you manage to make a meager income, you can pay your bills and live frugally but have no fear of being evicted out of your rented accommodation.
You can make changes at any time
There are times when you would like to make some changes to your lifestyle and bring about some alterations in the interior or even the exterior decoration. That is a big problem in rented accommodations, where you have to seek permission from the house owner and might not be granted the same - as happens in most cases.
You can use it as collateral
At times, sudden financial requirements and unforeseen situations arise in life, when one needs a lot of financial support to meet the requirements. In such cases, availing a loan is the simplest option. However, these loans are not easily available and most financial institutions demand for collateral for the loans.In such situations, one can use his / her own home as collateral and avail the required loan.
Real estate has been regarded as a good amd long term investment option. This is mainly because the property prices tend to increase over a long term. The rate of real estate price appreciation is more than the inflation rate, which means that you can actually be able to make profit from your investment in properties. That is impossible with rented accommodation, which belongs to somebody else.
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