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4 Perks of Owning a Home

Achieving the title of “homeowner” is an accomplishment worthy of celebration! After all, purchasing a home is likely the largest financial transaction most people make in their lifetime, and there are many benefits to owning a safe space to call home.

1. Not Paying the Landlord’s Mortgage Forget rent hikes and lease renewals. And no more building equity for someone else. While the upfront cost of a home requires some form of down payment (as little as 3% in some cases), affording a monthly mortgage can be on par with paying rent. So instead of paying on a regular basis to build someone else’s wealth, homeowners are able to build their own with consistent mortgage payments.

2. Potential Investment In addition to possibly being one’s largest asset, a home is often seen as an investment. While there’s no guarantee, proper upkeep could increase the value of a home long-term. Additionally, equity – how much of the house the homeowners currently own (or the difference between the potential selling price of a home and how much money the owners owe the lender) – is built over time as mortgage payments are made, increasing the stake the owners have in their home. If the owners live there long enough to see the end of the mortgage, they will own the property outright – a possibility unattainable to perpetual renters.

3. Freedom to Personalize Unlike the restrictions that accompany rental living, homeowners have license to complete customization of their space. There are no limitations to creative flair inside, like painting the walls and using nails to hang art – though some community HOA guidelines regulate a home’s exterior appearance. A home also boasts opportunity to make unique changes and renovations to the structure, upgrade curb appeal and enhance outdoor living space.

4. A Place of Belonging A home is a central place to entertain and gather with loved ones. Owning a home helps foster emotional well-being and provides control. Oftentimes, homeowners find a great sense of belonging in a community where they get to know their neighbors and engage in neighborhood events.

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