Home Owning Benefits
The benefits of owning your own home begin with the feeling of contentment, satisfaction, and fulfillment. It is the wish of most, if not all Americans, to attain what they call the classic American dream, it is called home ownership.
Homeownership is the biggest and best investment a person can ever make and so he must manage that investment to the best of his ability. It requires extraordinary commitment not only of funds but time and attention as well.
There are disadvantages that come with home ownership like maintenance, financial matters, risk of losing equity, and the risk of foreclosure. But above all these, there are also a lot of benefits that come with owning your own home.
Home Ownership – It Is the Best Investment
The value of your home appreciates which means that if you decide to sell it, its price will be much higher than your purchase price. Homes appreciate about 5% every year.
It is a form of forced savings because you’ll have to allot a certain amount of money for monthly payments or risk losing your home. You also need to set aside money for future repairs or improvements.
It can help you plan for the future with regard to your finances because mortgage rates are fixed unlike yearly increases in rent.
It gives a sense of permanence where your family can live and grow. Emotional security goes with this.
It gives you and your family peace of mind knowing that you have a home to call your own.
Home Ownership – It Develops Lifelong Friendships
It develops the sense of roots of your family, especially the children. Your family becomes a part of a community.
It increases self-esteem knowing that you possess something of value.
It eliminates landlord hassles. You will have no more worries with regard to the lease not being renewed and an increase in rent.
It gives you the freedom to redecorate, remodel, make improvements, has pets, or change the color or the décor of your home to your own taste and as you desire.
It gives privacy. Not unlike renters where landlords can have access to the place.
It gives more space, perhaps larger rooms, a laundry area, storage area.
It develops a sense of community. Homeowners become attached to neighbors, become interested and involved in events, and work towards the betterment of the community to protect and preserve property.
You save on taxes. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.
You can borrow against your equity because the value of your home increases against what you owe on it.
Home Ownership – You May Have a Better Credit Rating
This last benefit is probably the most important of all, financially speaking. Mortgage payments paid on time contribute to outstanding credit history.