Major Advantages to Owning A Home

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It is every person’s dream to own their own home, where they don’t have to live with the rules of landlords and housing agents. This is however, a dream that isn’t attained by many since many people either consider that a home is too expensive for them to buy, or they don’t know the due process to take in order to own a home. Owning a home comes with numerous advantages, and especially for people that have families. This is the place where you would like to raise your family, and that means that you would want to build or buy the house in a place that is conducive to that. You need to take things such as social amenities, schools, your workplace, and such things into consideration when buying a home. In this article, we are going to look at the major advantages to owning a home.

Major Advantages to Owning A Home

Major Advantages to Owning A Home

Tax benefits

People that own homes have the advantage of deducting mortgage interest and property taxes from their annual income taxes, and the beauty of it is that most of that money paid on the mortgage goes to the interest.

Price appreciation

The price of properties is always appreciating even if it is by a very small percentage rate per year. The good thing is that if they own the property over a long time, the value will go quite high.

Inflation hedge

The costs of housing and rents often go higher than the rate of inflation even though the Federal Reserve tries to keep them artificially low. This means that in the future, it gets more expensive to purchase homes due to the inflation. This is the reason why investors are busy buying homes, they will buffer them during the inflation.

Credit builder

35% of the FICO score is based on the credit history on debts. Making the mortgage payments on time and reducing mortgage loan balances means that your FICO loan could go up. Late payments could bring your FICO down.

Lakeside Residences

Still on the topic of owning a home, we are now going to feature Lakeside Residences, a new multi-phase high-rise residential development project. Some of the projects that they have include the Lakeside Condos, a new multi-phase high-rise residential development project that is still in the pre-construction stage, located on a 3.8-acre piece of land in Toronto’s East Bayfront area. It features three towers in the first phase, with a total of eight buildings with two striking towers when completed. It is expected to be completed and ready for occupancy in 2020. Currently there is no final tally as to how many suites the whole development project will have, nor amount of commercial or public space info is still available. The developer of the project is Greenland Group, the architect Hariri Pontarini Architects. The building types are condo and retail.

Summary

Owning your own home is a good thing anytime, since it comes with numerous advantages, as compared to disadvantages. Homes such as the lakeside Residences can be purchased way in advance even before they are completed, and at a better price than when complete.