Why to Own a House?

The most often question that many renters ask is “why do I need to own a house?”. Upon the low interest rates, lower home prices and an enhancing job market, many buyers are still fearful of an undecided real estate market. It has been found out that  current home renters still need a little more explanation to make sure that they fully understand the benefits of buying a house rather than renting another. 

By letting the fear of the things that are still unknown be the motivation in making an unwise decision can later create an unhappy ending.  

Below are some of the top reasons for current renters  why they should eventually own a house: 

No more landlords – this may be a major influential factor for current home renters depending on their experiences. Most often, many renters have exerted too much money into a house  that they are living in to maintain it at the standard of living that they enjoy, only to find out in the end that their landlord is planning to sell the house. The home owner will only be the one to be benefited with the hard – earned money that renter had invested in their rented house. 

Making your own home style – this is impossible to do in a rental. Though renters can make some changes in a rented home but there are many things the can't be done into a rented home that can be done to a house you own. Trying to consider Homeowner's Associations or planned community development restrictions, house owning still provides more control and flexibility than renting. 

Weighing home ownership costs – definitely when you own the house, you will not be calling any land lord to come to fix your toilet  or the water system. Therefore, having a financial reserve is necessary to carry you through months when you got into unexpected problem. Try to compare how much you'll save by buying or renting. Analyze factors like how much can you save from tax, how much equity you'll possibly gain and how much your rent may increase in the next coming years. 

Long term plans incline the scale toward owning – in a recent article in Tampa Bay, Walter Malony from National Association of Realtors explains that, “For people with long term plans, the rent vs. buy equation is tilting heavily toward buying because housing affordability is at record highs dating back to 1970”. He also said that, “Homes are undervalued in many areas – selling for less than the cost of replacement construction – and rents are rising at a faster pace. Many people are considering ownership now as a hedge against inflation.” 

Low interest rates and low cost homes will not last forever – even the remarkably low interest rates and exceedingly affordable house, if you are not ready to buy or simply can't afford to own a house, its prices may not move you to take a leap into house ownership. However, carefully understanding that these situation will not last forever is necessary. Often times, when this situation continue, we tend to think that it will always be this way. It has been analyzed that on 2013, troubled sales will begin falling and that would then cause house prices to crawl upward. 

Searching for a home and owning one can be so tiring, so after doing such thing, take a rest and grab your tickets for a vacation. Try a Philippine hotel accommodation now for one of a kind vacation trip before you go back on your own home.