Most people are quite apprehensive of buying a new house. There is pressure from family, friends and colleagues who seem happy and settled.

However, with the recent real estate bubble burst, it seems better to hold back than risk buying a house. There are good reasons for owning a house however. Below are some good reasons you should invest in owning a house:

Personal Freedom

Home Ownership offers you a source of pride and freedom. With your own house, the decision to make changes additions and renovations lies on you. You have more freedom in decorating, landscaping and expanding the size of the house.

Security and Privacy

Home ownership provides you and the family a sense of security. It also guarantees you privacy since no one may trespass or enter without your accent. You can pass the home down to your children and the house can remain a family possession for a life time.

Long term Value

The relative value of real estate is always appreciating. Only in rare occasions does the value of houses depreciate. Investment in a house is a cushion and hedge against inflation.

Tax Benefits

It is possible to deduct the interest on your home mortgage from your annual tax returns. Tax breaks will offset your overall costs of paying for the house. However, it is important to ensure you can afford making the full mortgage payments on the first place.

Equity Wealth

Home equity is the largest single source of household wealth in America. Most Home owners derive their living from investment in form of new homes. Even minority home owners attribute about three quarters of their median wealth in form of their houses.

Home ownership Contributes to your Eggs Basket

Buying a new house is a much better investment than purchasing a car for example. It offers personal financial security and independence giving you something substantial to show off. It can be quite distressing to retire with no home of your own.

Societal Value

Home ownership is a good way of building relationships among neighbours. It helps to strengthen communities and neighbourhoods, leading to a more stable society.

It also helps to generate jobs and stimulate economic growth for a town, city or county.