Good Morning Friends. We’ve outlined five main benefits of owning your own home below:
1. Security: Simply put, if you own your home, you can have financial security for a long time to come. Unlike renting, where you always have to renegotiate when your lease is up, or where you may face the possibility of being forced to move if the landlord should decide to sell your rental; when you own, you have a roof over your head for the foreseeable future.
2. Decorate as you like: When you own your home, you can do whatever you like in terms of decorating your house. Want to paint the kitchen red, or add a conversation pit in the living room? Go for it. As a homeowner, you can do what you like and you don’t have to worry about what your landlord is going to think! When you buy, you’re the king of your castle and you can renovate and decorate as you please (within acceptable guidelines, of course).
3. Grow your money: When you buy a home, your payments might seem like they are higher than when you are renting. It’s true, you will be paying more upfront, but in the end, owning a home is one of the best ways to grow your financial security and investment portfolio. Studies have shown that homeowners are almost 4 times better off financially than renters. Why? Well real estate grows faster than inflation. Over time, you will come out ahead financially – you just need to hang on to the property long enough to realize these returns.
4. Home ownership is an investment. Unlike a car and many other purchases that decrease in value, a home is a purchase that appreciates over time. While each local market has its own unique factors, the national median home price goes up each year, even in times of recession. This creates the buying and reinvestment power better known as equity.
5. Stop moving. Home ownership increases sustainability and stability. Moving from rental to rental is a major inconvenience and a financial and emotional burden. Renting can mean that you never really know where you’ll be living next or what your expenses will be. Staying in the same home allows a financial and emotional investment in both your living space and your community.