6 Benefits of Owning a Home

by c21commonweath_ldowling 19. March 2020 10:31

Owning a home is part of the proverbial “American Dream” we’ve been talking about for decades, but society has changed a lot since the ‘50s. If you’re in a position to seriously consider homeownership for the first time, you might not be as certain it’s the right thing to do as our grandparents were.

Situations vary from person to person and year to year, but generally, owning a home is still a net positive and a goal worth striving for. Here are six benefits that come with owning a home:

Building Equity

When you rent, all the money you pay goes to your landlord. When you own a home, even if you're paying a mortgage, a portion of your payment goes toward the principal of your loan and into your pocket. Eventually, if you decide to sell, all of this money will come back to you with interest.

Tax Benefits

The government is on homeowners’ side, at least as far as the tax code goes. Homeowners are eligible for many tax benefits—for example, you can usually deduct the cost of interest on your mortgage and many other home-related expenses.

Greater Satisfaction

If you rent a house or apartment, you must be satisfied with whatever the landlord provides for you. If you'd rather have a different countertop, upgraded appliances, or a renovated bathroom, and your landlord isn’t willing to pay for it, you can move or just give up on the idea. When you own your home, you're free to make whatever renovations and upgrades you like.

Putting Down Roots

When you own your home, you're much more likely to stay there for the long term. This increases your chances of building long-term relationships with your neighbors and your community. The legacy of you build may have a lasting impact on your children, grandchildren, and neighborhood for years to come.

Better Educational Outcomes

While the experts disagree on the reasons why, studies have shown that children of homeowners do better in school. They get higher test scores and are more likely to graduate from high school. If you have kids, owning a home can give them stability and other advantages that will carry them far in life.

Your Investment Appreciates

Property values tend to go up over time. If you take good care of your home and sell at the right time, it's likely that you will net a tidy profit.

Owning a home is a big responsibility, and it's not right for everyone. You must decide for yourself if the benefits are worth the responsibility that comes with them. If you think that buying a home is right for you, speaking with a real estate professional is the best way forward.