The benefits of homeownership

It is well known that owning a home has its perks. When you buy your own house, you gain financial stability and strength, a permanent place to call home and a sense of belonging in your community. Though the process of buying a home is definitely challenging, the payoff is highly rewarding!

These perks, both social and financial, are very much dependent on house market trends, as well as your personal financial goals and the reason you want to buy property. If you have been renting long-term you probably enjoy the freedom that comes with a lease and being able to change cities without having to worry about managing a property. But in the end, you are left with no home of your own, while paying your hard-earned money to your landlord.

Buying can be cheaper than renting in the long run. There are instances where mortgage payments are much less expensive than monthly rents. Moreover, upon renewal of your lease, your landlord may as well increase the monthly rate, while fixed-rate mortgage payments do not change regardless of inflation. This provides you with a sense of monetary stability and control over your life.

If you are a first-time buyer, purchasing a property can improve your financial portfolio and increase your net worth. Monthly mortgage payments accumulate equity. If you choose to sell your home after building equity, you will end up with a greater profit. At the same time, while building equity you are also increasing your net worth.

Owning a home is a way to store and save money, since it is an investment that appreciates in value over time. Even though the house market does fluctuate, most homeowners end up making profit when they decide to sell. One more thing to consider, is that homeowners have a greater chance of building generational wealth, so if you wish to pass a valuable asset to your heirs, it is an important part of the equation.

Apart from the financial benefits, owning a home impacts plenty of social and mental issues. Having a permanent residence gives you a sense of peace and security like nothing else in the world. Moving from house to house is strenuous on our minds, inconvenient, stressful, and expensive. Once you find your forever home, a great burden will leave your shoulders, since you won’t have to worry about where you will be moving when your lease is up.

Owning your house means you get to adjust it to your liking. You may change it as you please and whenever you please. You can build, tear down, paint and design your home and create the shelter you’ve always dreamed of. Having total control of your property will give you a lot of freedom and flexibility in modifying your indoor and outdoor space. Also, spending money to make improvements, increases your property’s value, which leads into a higher sale price down the long road.

Finally, as a homeowner, you are much more invested in your local community, since it eradicates the possibility of a premature and unannounced move that would hinder the formation of strong bonds between you and your neighbors or other members of the community, such as teachers, local business owners, etc. Settling down means you will get to know people and be a more active member in the decision-making process of your town.

Whether it’s financial stability or a sense of belonging that you crave, owning a home of your own will deliver that and so much more. As daunting and intimidating as it may seem, taking the big leap into it, will reward you for life.