Many people may think that buying one of those Garden City homes for sale is more trouble than it’s worth because of the many processes involved. You have to submit documents, apply for a housing loan, find a real estate agent, maintain the house, and so many other things that you do not really need to do if you just rent an apartment.
However, it is important that you understand the many benefits of buying your own home. Read the paragraphs below to give you some more ideas about the benefits of owning a home in Garden City.
Sense of ownership
When people own something, especially if it is a result of their own hard work, they get a sense of pride and ownership that they cannot get from simple borrowing or renting. This also gives you a sense of freedom since you can do whatever you want with your home. You can paint it in any color that you want, hang shelves anywhere, or redecorate without worrying about damaging anything.
Sense of stability and security
Owning your own home implies that you will be living in that same place for many years to come. This is a great feeling especially for your family. Children want to feel secure and knowing that they will to be moving anytime soon gives them this feeling.
Homes and other real estate properties increase in value as years go by, especially in a good location like Garden City. Buying your own home is also a great investment. If you do not have your own family and just want to travel the whole world after retirement, you can just sell your house and use the money for your travels. If you have a family and decides to another location, you can always sell the home and get more than what you actually spent on it.
Tax deductions and other perks
Tax laws also favor home owners than tenants. You can get many tax cuts by paying real estate taxes for you residential home and even your vacation home. You can also have your mortgage interest deducted from your tax returns as long as you keep your balance smaller than the price of your home.
Improves your credit rating
Buying your own home, and paying the mortgage on time, also helps you improve your credit rating. And having a good credit standing is a great benefit since it helps you get your loans approved.
A place where family and relatives can get together
When you have your own kids and grandchildren, it would be nice to have everyone over in your family home. You can also invite relatives in special occasions like weddings and birthdays or holidays like Christmas and Thanks giving.