In times past, a certain stereotype was attached to owning real estate. It was an indication that property owners had earned their place in society. They could manage organizations, supervise projects and command the attention of residents.
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With the prestigious ranking that accompanied real estate ownership, came recognition by all classes of people. So, to gain prestige, loyalty and respect, people did whatever was necessary to own lands and buildings. For them, the status earned was worth the effort.
Today, not much has change with regards to real estate ownership. It?s still a mark of accomplishment and achievement for many people. Because owning real estate has its privilege, it is a global effort for citizens and residents of most countries to achieve this status. Below are some of the benefits of owning lands and buildings.
Living Opportunity
The privilege to build on a piece of property that is owned by the individual eliminates the need to pay another person?s mortgage. Instead, property owners can focus on contributing to their own future. Owning property also allows the owners to select their desired location. Even if they choose not to build right away, the land will be available whenever they are ready.
Investment Opportunity
One option of real estate ownership is having the opportunity to invest in business. People usually purchase land depending on their future goals and aspirations. If they choose to invest in a business, they will purchase commercial properties as opposed to residential. The location is often based on zoning regulations. Therefore, the purchase should reflect the purpose the business will serve.
Collateral
It is very seldom that the average person can walk into a bank or other lending institution and obtain a loan without proof of collateral. This serves as the surety that the borrowers will be capable of repaying the loan. If, for any reason, they default on the loan, the collateral then belongs to the bank. Real estate is very valuable as collateral. Therefore, it can almost guarantee borrowing power to lenders.
Security and Peace of Mind
Like most ownerships, real estate is a form of security. It may help to decrease the worries and concerns about retirement. There is no need to worry about how funeral expenses and other future debts will be paid. The peace of mind that comes with owning real estate is worth making the investment.
Impacting the Next Generation
People who purchase real estate and use it well are also impacting the next generation. This is why many investors also invest in training their children to carry on the family business. It is a legacy that could be passed on for years to come. Many modern companies that now benefit society have started in this manner.
Contributing to Society
Good citizens know and understand the benefits of making contributions to their communities. They view their real estate wealth as a blessing and wish to share it with others. They believe that the more they give, the more returns they will receive.
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Author?s Bio: Olivia Wilson is a freelance writer, professional blogger, and social media enthusiast. Follow her on Google+
Source: http://realtybiznews.com/what-it-means-to-own-a-piece-of-real-estate/98716999/
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