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 value. Resizing the bedroom, remolding the kitchen, adding a room, building a whirlpool in the back yard, all raises the value of the house. "A home that isn't well maintained -- the carpet, the paint, etc.-- actually drops in value," (Reichert, Walt 6). "If you consider that your home will appreciate about 4 percent a year, and it only costs about 1 percent a year to maintain it, it makes sense to keep up-put in new carpet, paint or install a new roof. . . . Those things don't add value to the house in and of themselves, but they keep the home's value from dropping” (Reichert, Walt 6). Owning a home provides a sense of stability by raising a family which is important for children to have a place of their own, a place to call home. Rooms where they sleep explore and grow. A place they will always remember, that will have their good memories. Celebrate the holidays and spend time together as a family in a place they will always remember, where they can call it, home sweet home, a place they can treasure forever. Knowing your neighbors is another reason i think that buying a house is a better option. Hosting a neighborhood barbecue is a good friendly passage for a lot of families. The sound of laughter, the smoky smell of meat on the grill, the sound of children running around and playing tag and one whole neighborhood join together as one whole family may make your backyard feel like heaven. You will end up with a question at the end like how can you improve those neighborhood bonds when your neighbors are always moving to different houses' Once you sit down and think to yourself if you own a house in a safe, steady neighborhood, you grow close bonds with the people, who live around you, people who share your benefits, and are always there to help you out when needed. Being a good neighbor yourself would bring a great friendship, which would probably last a lifetime. It would be heartbreaking to lose those close connections if you're forced to move out your apartment, or your monthly rent is raised up so high, that will be no longer affordable. But if you own your house, you would not have to worry about losing connections with your close neighbors, because you would not have to move anywhere else. Buying the right house in the right neighborhood gives you less worry about your children going outside to play. While living at your home in about a year or more, you start to build lots of trust with your neighbors. But if you are renting, and constantly moving after making passionate relationship with the neighbors, is heart breaking. Finally, buying a house is a better option than renting an apartment because of its long-term investment; it stretches the ability of making modification, and provides sense of stability.