Thursday, October 4, 2012

Benefits of Home Ownership

It is a known fact that the best single investment a person can make is owning their own home. When you rent, you are putting money in another person's pocket and you really don't have anything to show for it.  Most people don't realize that you can often own a home for the same amount as renting.

I will admit that when my husband and I decided to purchase our house, I was both excited and scared.  Excited because we were going to have more room, property, and be able to start our family.  Scared because our payments and our responsibilities were going to reach an entirely new level.

Here we are, 10 years later, and buying our home was the right decision!  No regrets.

Here are some of the benefits and perks of home ownership:

Freedom: Owning your own home gives you a freedom you don't have when you rent.  You have the freedom to make changes in your home, such as remodeling, painting, and even something as simple as choosing where to hang a picture on the wall.  You can hang pictures or paint the walls as you see fit. If you own your home, you can do whatever you want!

Security:  Owning your own home gives you a sense of security that you don't often get when renting. 

Privacy: Owning your own home gives you more privacy.  If you live in an apartment, you have to deal with thin walls and noisy neighbors.  When you rent, your landlord has the freedom to come in and out as they see fit, no matter what time of the day.  As a home owner, you control who enters your home and when.

Tax BenefitsWhen you file your taxes you may be able to deduct loan  points and all the interest you paid throughout the year on your home loan.

Stability:  I honestly believe that owning a home gives my family and my children the sense of stability.  We know where we are going to be, and where our roots and memories are being made.  In the end, I think this is the most important benefit of being a homeowner.

 As a general rule, the benefits of home ownership outweigh the costs.

What is your favorite thing about being a home owner?

Inspired by Genworth Financial.  All opinions are my own.


Unknown said...

My husband and I have been discussing whether or not to go ahead and try to buy a home. It really would be a dream come true, and I think now is the perfect time while the market is geared towards buyers! Thanks for the post, it really made me realize some benefits I had never thought of!

Cassie said...

I love that our home is ours. WE can do what we want to it and not worry about breaking any leases or rules.

Tesa @ 2 Wired 2 Tired said...

We enjoy owning our home as well. We are thinking of moving soon though and may rent for awhile so that will be interesting. I have a feeling we'll be itching to own again soon.

Amy said...

There are benefits and drawbacks to both owning and renting. I prefer owning, but we move often (military) and feel it best to rent. When we did own a home I loved how at home I felt I could choose my own paint colors, plant whatever I wanted in our garden. It was so nice.