To be able to be a homeowner in the 1980s, you could do it with one person working out of the couple and the other at home.
You would not need to have a huge deposit and the housing costs would be much lower than they are right now. Today, in 2020, getting on the property ladder is HARD. It’s so hard, in fact, that many people spend their life renting, thus paying someone else’s mortgage. Instead of going down this route, why don’t you consider building your own home and becoming a homeowner?
It may not have occurred to you before, but building your own house has far more benefits than it doesn’t. You get to plan custom homes that will suit you and your personality exactly as it should. You’d get to spend more time paying for a property you designed than living in one that someone else did. Do you still need more reasons? We’ve got seven of them for you below!
Appreciation
Real estate is a solid asset. It’s going to improve and grow over time, and it;s going to have better value if you build. You can customize your home and change it as you go – and that’s exciting! You can literally watch your home appreciate over time, and you’ll appreciate it!
Taxes
There is a U.S tax code that allows you to remove the interest that you paid on your mortgage while also allowing you to deduct your property taxes. You can even deduct and gain back some of the money you spent on the house in the first place!
Equity
You can build equity ownership in your newly built home, as opposed to rent where you are literally rinsing money away hand over fist. You can use your mortgage payments to build that equity in the home and you’ll see that money again one day!
Predictable
When you rent, you could be out of your home at any time. It’s not easy to predict one rent day to the next. But as a homeowner with a mortgage, you can choose a fixed-rate so that you know what to expect month to month. Of course, over time, your property taxes and costs of home insurance can and do increase and you will have to factor that in, but you usually get some notice!
Savings Builder
Your equity is your savings plan. You can sell one day and you can gain money on it without being further taxed. This is a huge deal!
Choices
When you build a house, you’re the one who is free with those choices. You can build as you’d like to build and decorate as you’d like to decorate – and it’s all your choices and no one else can tell you not to do it!
A Future
A home of your own that you build will offer you stability. You can get the family time that you need and build excellent relationships with those around you. Your children will also enjoy excellent social continuity all because they’re raised in the same home their whole lives.
