Not only does home ownership build a sense of pride and accomplishment, but it also sets a path for you to achieve long-term financial stability. The independence of owning a home allows you to reap many benefits.
We list the 7 freedoms you enjoy when owning a home:
It is well known among financial advisors that home ownership is one of the most powerful financials decisions anyone can take in their lifetime. Home ownership points to wealth creation overtime via equity increases. Statistically speaking, this tends to separate the poor from the rich: purchasing your own home.
When you own a home, you will realize tax benefits, grow equity overtime, and maintain a fixed payment that, unlike rent, is not a looming threat of increasing every year. In addition, you don’t have a “deposit” tied up for years while you lease.
Fun Fact: A recent survey (Hearth, Patio & Barbecue Association, Biennial Consumer Research) reports that 80% of all homeowners in the U.S. own a grill or smoker, the highest percentage in the study’s history,
Having your own home commonly translates into more space for less money over time, as compared to renting. Having more square footage means you can host more dinner parties, baby showers, graduations, sports banquets, wine tasting sessions, holiday barbecuing parties, or book clubs.
After all, a house is not a home until you have your friends and family with you!
4-legged friends are one of the first things landlords ban from their rentals. Dogs are the most popular pets in America (50% of households) while cats are loved by many homeowners too are most popular, but fish, reptiles, rabbits and guinea pigs are often favored by home owners and their children.
When you live with parents or rent and you have this sense of wanting to change the color of your walls… what do you do? Nothing… you find something else to do. When you own, you earn the ability to create a space to call your own that works for your taste and vision. Paint the walls, hang your art, customize handles, textures, fabrics, outdoor spaces… the sky the limit. You can customize your own space without approval from landlords.
Build a greenhouse, get an herbs garden, grow your grass, hang those fancy platers, and plant those beautiful trees! When you own a home, you will most likely own the ground or have access to community gardens. Take this opportunity to build the outdoor space you want with your greenery and gardening prowess.
To have the opportunity to create a space that works perfectly for your family is invaluable. As the homeowner, you get to customize your home any way that suits your family. Most popular renovation projects include updating the kitchen, renewing bathrooms, adding a room or space, and creating outdoor living spaces.
A series of consumer surveys by The Farnsworth Group and the Home Improvement Research Institute (HIRI) indicate that, early in the pandemic, fully 60 percent of homeowners reported that they recently started a DIY home maintenance, replacement, repair, or remodeling project, and the share grew to almost 80 percent by early June 2020.
Last but not least… build a family. When you own a home, you have this sense of belonging and stability that renting cannot afford. You have more space to have children, either biological or adopted. You get to build relationships with neighbors and a network of friends. You participate in the local events, schools, association in a way that reminds you that you are part of something bigger than yourself: a community.
Owning a home can be one of the most liberating decisions you’ll ever make.