Home ownership is a rite of passage that many people dream about day in day out. People who own homes are more advantage as compared to those who don’t. Some of the advantages of owning a home is that it gains equity over the years, stabilizes your housing cost, it’s an investment, increases your own sustainability, stop moving, gains control over your living space and has social benefits. The relief of not having to pay rent every month reduces the total cost spent and can be direct to other activities or projects. The space available for home owners can be used much to their liking and not have to worry on how to modify your space to better suit their needs. Also through gaining control the value of the home increases significantly. The value of homes is increased significantly as it is resulted from the power of gaining control of your living space.
People who rent are not able to sustain for their future lives as most if not all of their income is used on paying utilities and loans. Gaining equity is the other advantage of home owning and is directly related to investment. Principal balance paid or the percentage of the home already owned is referred to as equity and this applies during mortgage payment.
Paying of the principal is more like depositing money in the bank and waiting for it to multiply through investing and reinvesting. Homes are known to increase in value thus being a wise investment to those planning to own a home. Home owners are known to build long lasting friendships and relationships with the community around including the neighbors. Through having a foundation in a certain community, opportunities are realized.
There are several reasons as to why people sell their homes. As the family number increases the house might be too small for you prompting you to sell it. Change in personal relationships involves moving in with a partner after marriage or moving out due to divorce can lead to the effect of selling a house. Job transfer is another major reason as to why people sell their homes.
The neighborhood declines involve increased crime rate, poor infrastructure, slow or no economic growth which is definitely not a pleasing situation to be in. Health problems may also lead to selling of homes as it may be difficult for the patients to climb stairs, walk long distances and do other simple tasks. Adults that have retired from their jobs may want to sell their homes and go to other places to begin a new environment.
The thrill that comes with improving and modifying a home is what drives some people but once the process is over they sell the house and find another thrill. Some people get bored with their lifestyle and upgrade to other means like wanting to travel more instead of owning a home. Lifestyle change also results the need to sell a house. Quick cash can be made by selling a home.