Some Benefits Of Home Ownership

You may have heard (perhaps many times) that owning your own home can be a dream come true, a truly amazing experience.

Of course, there is always some risk when you buy a house. However, the positives usually greatly outweigh the negatives. If you think renting is playing it safe, just consider that you have been giving your money away. What benefits are you getting in return for padding the pocket of your landlord?

What are some of the benefits of owning your own home?

First, consider what happens when you rent. The space is not yours. Therefore there are limits placed on what you can do to the physical space. You cannot fully express your personality in the way you use the space. If you are allowed to make improvements, you cannot keep them when you leave. They stay with the place for the next tenant.

So, even if the landlord okays an improvement, does it make sense to do it, spending your own money to improve the space? Certainly you get some short-term use, but it's not the best idea in the long-term. And some simple changes might not be allowed. For example, painting the walls something other than the generic white color will certainly require permission. If you want something that is not neutral, the landlord may reject the idea. 

What if your apartment has some kind of damage or defect - for example, discolored or worn carpets, a dripping faucet, or a loud furnace? Will your landlord be willing to fix these things for you? Some might, but it depends on many factors.

However, in contrast to the above, when you buy a home of your own, you have the freedom to do as you please. You can decorate however you would like. If you are inspired to paint a room chartreuse, no one is going to stop you! If you want to replace the furnace, faucet, or carpets, go for it. You benefit immediately, and for the long-term.

Apartments can also be limiting in space. With a house you might have a garage for your car and other storage. You might have a basement or crawl space or attic in which to store things you don't need often. These places can make your normal living area less cluttered without having to pay for an additional storage unit.

Initially owning your own home is likely to be more expensive than apartment rental. But your costs will decrease. You can save money on the extra storage unit. You can buy your own washer and dryer, both for convenience and to save on ongoing laundry expenses. Plus, the cost of a mortgage (if it's a fixed rate mortgage), stays the same every year. It does not continue to go up every year like rent.

Another benefit to buying a home is that you can choose an area that suits you best. Want to stay away from apartments, find a neighborhood of single-family homes. Want a luxurious neighborhood? Want to live in the suburbs? Want a big lawn or a lake? Want to live near a school or a park? You can find houses in all of these places.

Is it time for you to consider buying a home? Don't rush into the decision, and don't take the decision lightly. There are some costs and valid concerns and possibly even a little bit of anxiety. But maybe these tips will help you make a well-reasoned decision.