Imagine you have a house which you can call your own; how does that make you feel? Owning your own home makes you feel good as you have a space that is truly yours.However, owning a home can be tasking because of the responsibilities and obligations that come with it but when done properly, though, buying and owning a home is a process that limits your financial risk, increases your investment power, saves you money over a period of years.
The major benefits of having your house include:
By nature, some assets like a car and many other purchases tend to decrease in value while a home is a purchase that appreciates over time. Although, each property has its own unique factors that affect its value in terms of money however the average home price goes up each year, even in times of recession.
The juiciest detail of having your own house is that you are the captain of your own ship. Renting doesn’t usually come with a lot of options for modifying your living space to better suit your needs as the house does not belong to you. Renters with changing needs must also deal with changing residences which put a strain on your income. Homeownership means you can make improvements to your home, and home improvements usually lead to increased home value, both financially and in daily home life. However, often times the money spent on few repairs or renovation in your own house is quite lower than a rental fee paid for a home in a year.
Homeownership can help you create a sustainable future in relation to your finance. Long-term renters lack sustainability because a high portion of their disposable income usually goes toward housing expenses that are constantly fluctuating at the mercy of the landlord.As a homeowner, you have more disposable income, unlike the tenant who has to pay for rent from is disposable income monthly or annually.
Homeownership increases stability and reduces anxiety as moving from rental to rental is a quite uncomfortable and can become a financial and an emotional burden. Renting can mean that you never really know where you’ll be living next to or what your expenses will be as the Landlord can choose to increase the cost of the rental. Staying in the same home allows for a stable financial and emotional investment in both your living space and your community.
Fosters social benefits
Living in a particular place for longer periods of time also creates social benefits that range from friendships with neighbours to community involvement and consistent educational opportunities for children.Unlike, individuals who have to move a lot due to the cost of housing. Moving a lot can affect your children’s academics, a strain on your income and sometimes affect your relationships with friends negatively.
As a tenant sometimes you don’t enjoy the luxury of privacy as you might need to share facilities like kitchen, toilets and bathrooms with other tenants in the same building while as a landowner you get to enjoy your privacy as all the facilities within your space belongs to you.
So what other benefits have you experienced with homeownership? What makes you want to own your own home?