Have you been in the market for an apartment? Or maybe you've already explored some home ownership options. Have you thought about becoming a member of a housing cooperative? Let's discuss the many benefits of becoming a private home owner below...
First off, owning your own home is a great way to develop wealth. As time goes on, most properties increase in value. This financial gain can be a welcomed nest egg for the future or an opportunity to leave something behind for family.
Home ownership provides a sense of financial security. When renting a property, the owner can choose to raise the rents to whatever amount he/she chooses. If you are not able to afford the rent increase, you may be forced to relocate. If you have to relocate, you may experience even more financial hardship due to the requirement of additional security deposits, first months rent and moving costs.
Owning your own home provides the freedom of expression. While renting, most owners do not allow alterations to the home of even the simplest kind such as painting, nail holes or custom drapery. When you own your own private property, you can choose to alter your dwelling any way you wish. While a part of a housing cooperative, you may be required to report modifications to your home that could affect the structure or function of the home, but this simply ensures that all homes are structurally sound for future generations to come.
Owning versus renting also provides more privacy. While renting an apartment, have you ever come home only to find a notice on your door or kitchen counter stating that management entered for this reason or that. I don't know about you, but I prefer choosing who my house guests are in advance. Of course the upside is that in a rental, maintenance has the ability to enter your home in an emergency to prevent additional damages to the property, but I still like the idea of letting someone in myself personally. And when you own your home, you have the liberty to do so.
And don't forget that the interest and property taxes are tax deductible which saves you in the long run.
So as you see, owning your own home can provide a wealth of benefits as well as the personal pride we often have in being able to call our private dwelling home. If you have any questions about the benefits specific to owning a home in Cedarwood Housing Cooperative, please contact us today. We are always able and willing to help.