The Benefits of Homeownership

The perks of buying a home depend on the current housing market, your financial situation, and your overall goals. If you’re considering homeownership, it may be worth it if the following apply to you:

• You’re in a good financial position
• You’re looking for a stable investment that will appreciate in value over time
• You’re looking to build generational wealth
• You’ve determined it costs less to buy a home than rent
• You’re looking for more stability

There are many benefits to being a homeowner. Below is a breakdown of some of the financial and emotional benefits of homeownership.

Financial Benefits

The most obvious benefits that come to mind when owning a home are the financial benefits. Some of the big ones to take into consideration include:

• Cheaper Than Renting. Not only do you have the freedom to design your home the way you would like, owning a home also comes with more predictable monthly payments. Securing a mortgage with a competitive rate gives you more control over your monthly payment than a landlord who can price you out of your lease. Unless you decide to change your mortgage terms, your monthly payment will remain the same throughout the duration of your mortgage.
• Builds Equity. As you make payments toward your mortgage each month, you are building equity in your home. This differs from paying rent because you are contributing money to a physical asset rather than paying a landlord monthly. 
• Increases Your Net Worth. As you continue to build equity in your home, you are also building up your net worth. Owning a home is an investment that appreciates over time and as your property increases in value, so does your equity. 
• Storing Credit History. As you consistently make monthly payments toward your mortgage, you will build and strengthen your credit. As you build your credit, it will be easier to secure other forms of financing for future investments. 

Emotional Benefits

While there are many financial benefits of homeownership, there are emotional and non-financial benefits to consider. While the financial benefits may be enough to encourage you to purchase a home, here are some additional benefits to consider:

• Homeownership gives you the ability to express yourself and your style. Having a space to fully customize to your lifestyle can bring added happiness and make you feel more comfortable. Additionally, homeownership gives you the freedom to control your environment and adjust it to your liking. You can build, tear down walls, and design a space you enjoy.
• Owning a home provides a significant sense of accomplishment. There is no denying that homeownership is a large responsibility, but the feelings of pride that come with it are worth it.
• Homeownership extends beyond the walls and provides you with a community. Along with the pride you have in your home and neighborhood, homeownership encourages you to get to know your neighbors and get involved in the community.
• Having a space of your own gives you privacy and security. While a landlord is there for maintenance and repairs, they do have available access to your property. Not only do you not share any walls or spaces with other tenants, but you are also in control of who enters your home and when.

Is Homeownership Right for You?

When it comes time to consider if owning a home is the right choice, ask yourself the following:

1. Can you afford the property?
2. How long do you expect to own the property?
3. Why are you looking to purchase a property?

Aside from the price of the home, it’s important to take into consideration the down payment, closing costs, and other expenses. Review your financial situation and make sure you are ready for every expense before becoming a homeowner.

If you’re ready to experience the vast benefits of homeownership, I’m here to help! As an experienced realtor, I will work with you through the entire home-buying process and ensure you are set up with a smooth and successful transition. Ready to learn more? Contact me today!