The Sweet Life of Knowing the Hidden Perks of Home Ownership

Buying a house has always been a major goal for Filipinos. Because of this, many individuals consider house ownership to be the correct and even necessary action to take, certain that they are already aware of all the benefits associated with property ownership.

Although these are the most often cited reasons as to why buying a house is a good idea, there are other factors to consider as well that make homeownership a smart financial decision. The long-term financial security and appreciation possibilities of homeownership further add to its allure.

So, if you've been thinking about buying a house either through a federal reserve bank loan or in-house financing but haven't yet committed, think about these less obvious perks instead, and get closer to realizing your aspirations while reaping the many rewards of home ownership.

What are the Advantages of Home Ownership You Didn't Know About?

Though having a house is a goal for many people, it also has numerous unexpected advantages since it has the potential to grow into a savings asset as well. However, financial gains aren't the only benefit of property ownership. If you want to learn about the advantages you're missing out on, keep reading!

Community engagement

When you buy a house, you immediately become a member of the local community. Homeownership is associated with improved relationships and a more secure sense of identity. Connecting with the people who live around you, taking part in community activities, and making positive contributions to the area are all possibilities. Participating may improve your quality of life and help you connect with others who share your interests.

Starting your home investment with the house and lot Philippines being offered by Lumina Homes can give you this engagement through our eSpacio. This offers new spaces for entertainment, livelihood, and recreation inside the community, including "Tambayan ni Juan," similar to a night market in which you can enjoyably bond with the whole neighborhood.

Building equity

The possibility of accumulating equity is a major benefit of owning a property. Owning a property enables you to invest in your own future, whereas renting just benefits the landlord. Your equity increases when you make timely mortgage payments, and your home's market worth rises. This equity may be used as collateral for another home equity loans or as a retirement savings nest egg.

Financial stability

Being a homeowner might help you financially in the long run. While rents steadily climb over time, homeowners with fixed-rate mortgages enjoy stable monthly payments. Because of this consistency, you can accumulate wealth and confidently plan and manage your finances, including your mortgage insurance. One other benefit of house ownership is the incentive it provides to save money. Regular mortgage payments allow you to accumulate an asset that may serve as a source of future financial stability.

Health benefits

One's emotional and physical well-being may both benefit from house ownership. There won't be any need to stifle your energy by pacing around a cramped apartment since you'll have a whole garden to explore. Getting enough sunlight and vitamin D may do wonders for your mental health.

The affordable house and lot that we offer in Lumina Homes include a community garden as we promote a greener and more sustainable neighborhood away from pollution, helping you to keep a healthy well-being.

Increase property value and long-term savings

You may gain from any appreciation of your home's worth as a homeowner. Real estate has traditionally risen in value over time, making it a worthwhile investment for homeowners. So choose an affordable community, like Lumina Homes, built in a strategic location close to the commercial business district and the metro, to ensure your property appraisal value.

When the value of your house goes up, so does your equity in it. If you want to sell your house at some point in the future, you may possibly benefit from this gain by selling at a higher price.

Independence and ownership

A home provides shelter and a feeling of control over one's living situation. Homeownership provides stability, whereas renting may be unstable due to things like fluctuating rent or frequent relocation. You do not need to get your landlord's approval before making any alterations or additions to your rental unit. You may make your house into exactly what you want it to be by making changes to the inside and outside.

With Lumina Homes, you can start living independently with our affordable house and lot for sale and achieve the milestone of home ownership as early as your 20s.

Individuality and satisfaction

The freedom to make your house exactly what you want it to be is one of the best things about owning your own place. You can make your house a home by personalizing it with touches like new paint, flooring, and appliances. When you own the place you live, you feel a profound feeling of pride and belonging. More than that, however, your sense of pride is contagious and spreads outward to the neighborhood in which you live.

Just like our bare-type Lumina Homes units, which you can freely decorate and renovate according to your preferences.

Privacy and security

It's no secret that owning your own house gives you more personal space and peace of mind. Homeownership has been shown to increase a person's feeling of safety and well-being because of the stability and sense of community it fosters.

In Lumina Homes, we have a gated community with 24/7 security surrounded by a perimeter fence for your privacy. We also installed CCTV cameras around the subdivision for the extra security that you deserve.

Passive rental income potential

The rental market provides an opportunity for homeowners to generate cash from their homes. Earning rental income from a second house or apartment may be a great way to help with mortgage interest and payments, closing costs, upkeep expenses, and general financial security.

In order to ensure that your property can give such financial benefits, you need to choose the ones located close to commercial centers, schools and universities, as well as tourist hotspots around the country, like Lumina Homes, that you can easily convert to an Airbnb or a rental apartment to earn some passive income.

Tax benefits

Possible tax breaks are yet another incentive to buy a house. Payments made toward a mortgage and property taxes are typically eligible for tax breaks. These reductions in taxable income may help ease the financial strain and create significant savings. You should talk to a tax expert to find out about the unique tax breaks for homeowners in your area and in your own situation.

It's reasonable to question the value of house ownership in light of the recent, dramatic spike in property prices that makes you ask why not simply keep renting given the huge outlay of capital and the anxiety-inducing nature of the property-hunting process.

Despite these headaches, purchasing a home is often considered to be a sound financial decision. Both your long-term financial security and your standard of living will benefit from this.

So, start your home investment now and see your home market value grow in a short span of time with Lumina Homes!