There are several advantages to owning your home that you’ll never enjoy as a renter. Here are a few.
One of the best aspects of being a homeowner is the freedom you’ll have. When you rent an apartment, chances are you aren’t going to want to pay for renovations or even be allowed to make them.
When you own your home you’ll have the freedom to do whatever you’d like as long as it follows the legal guidelines for construction. So, if you want to see new tiles in the kitchen and hardwood floors in the dining room, you don’t have to get a landlord’s permission. Now you can have them.
There’s the emotional part of it, too. When renting you know that the space is owned by someone else. Perhaps it really just doesn’t feel like home.
Another wonderful advantage to owning your own home is stability. Unlike owning a home, rental prices are changing every year. They’re dependent on the state of the economy and a landlord’s own opinions about the value of his properties.
When you own your home you’ll probably feel more comfortable in your environment, too. If you have kids they’ll be able to attend the same school from grade school to high school without having to change schools; they’ll feel more secure.
You’ll also be more grounded. You’ll be able to build relationships with neighbors and others in your community, establish a network of favorite grocery stores and other retail shops and services, and rely on local business and social services.
Of course, home ownership is a major investment, but depending on the market your home can make you a lot of money if you decide to sell it one day.
Homes in the US have increased in value by 5.4% steadily since 1992. So, if you bought a home for $200,000 in that year and lived there for twenty-five years, it would be worth more than $470,000 (not including amortizing your interest) today. When you sell it, you’ll net an extra $270,000 toward the purchase of your next home.