The current blogspot will be based on the question “what are the best reasons to own a home?”. We will learn the best reasons to own a home and discuss them in detail.
What are the best reasons to own a home?
There are many reasons to own a home. The most common ones are as below:
- You feel pride of Ownership
- Owning a home gives you appreciation
- Stay as long as you pay
- Owning a home beats renting
- Something to pass along
- Forced savings
- Location, location, location
- It’s not for everyone
- A great time to buy our “forever” house
- Freedom to customize
- To be close to work or school
- More living space for a family
- Backyards are nice
- You’ll have living security
- You can create your dream home
- You can lock in the price
- Make your home reflect your personal style
- Hedge against inflation
- No landlords as you are the owner
You feel pride of Ownership
There is something fulfilling about the pride of ownership.its an accomplishment. It’s the best reason that people enjoy owning their own homes. It means you can turn the music up, decorate the rooms, choose the colors, attach permanent fixtures and make changes whenever you want to. You also feel stable and secure. You see a better future and equity that will grow as long as you are in the home.
Owning a home gives you appreciation
When you own a house, people appreciate your hard work and efforts. They see the efforts you have put in. Many people follow the same pattern when they see others doing it. You deserve to be appreciated as you planned and achieved your dream home.
Stay as long as you pay
Living on rent is difficult. You are on the mercy of your landlords. You own nothing and stay as long as you pay. Once your lease comes to end, you may be asked to leave it. You stay as
If you plan to stay longer in a rented home, it wont work. Hence, you have to buy your own home to have a stable future.
Owning a home beats renting
We can easily compare renting with owning. Both have their own advantages and disadvantages but the advantages and benefits of owning a home are way more bigger. There is no doubt in saying that owning a home is very important, especially for big families.
Something to pass along
Owning a home means you have something of yourself to pass along in the future. Many homemakers wish to have their own properties so that they stay in the family. It is the best thing to show your efforts, blood, sweat and tears over the years. When you are on rent, you take nothing with you and nothing is yours.
Forced savings
A good thing about owning a home is forced savings. It is a financial benefit. Each month, a portion of our mortgage payment goes toward the principal balance of our loan. This makes us forced to put a specific amount each month for the entire loan term, or until you sell it. A mortgage can require and help you to save even when you have not planned on doing any saving. Finally when you wish to sell it, your savings of months will represent your home equity. Your mortgage repayments are a way of saving money.
Location, location, location
An important aspect of deciding to rent a home or own it depends on the geographical location you are planning to stay in regardless of whether renting or buying is cheaper. When you want to live with your family and friends, it’s better to own a horse there. Sometimes, there are no rented homes available in the area you want to get one.
It’s not for everyone
When you own a house, it’s yours. You can decide and allow who can come and who cannot. When you are planning on having an event like a wedding at your place, you are supposed to invite the landlords too. But when you are the owner, you can decide and take the decision of inviting people yourself.
A great time to buy our “forever” house
With the increased economy, the prices are increasing for homes. To buy the perfect home you have planned, it is the best time. In the pandemic and increasing inflation, you can be late and miss a great chance!
Freedom to customize
When you own a home, you can make it “yours”. It means that you can do anything you want to. When you are on rent, it is difficult and sometimes not possible to customize your home or make any improvements. Many landlords don’t allow painting the home walls. When you own a home, you can have anything at any place and you have complete freedom of modifications as required.
To be close to work or school
You can plan to buy a home when you want to be close to your office or your child’s school. The value of a home in an excellent school district is essentially immeasurable. When you decide to be close to your friends or family, you can plan on buying your own home.
More living space for a family
You can have your own larger space when you buy a home. Especially when you plan on starting a family, a home can be a great asset for your sanity. In the pandemic, we have seen the importance of owning space, whether it was a home, office or some outdoor area to find peace.
Backyards are nice
When you want to have a big area you own and a backyard along with extra bathrooms, it means you are ready to buy your own home. It is nice to have an outdoor space that you can call your own. You can have a pool, a garden and a spa that you can relax in. You can enjoy the weather in the open air. Your kids need to play on the ground so you can design it accordingly. Also, if you love pets, you can use your space to keep them.
You’ll have living security
When you are on rent, you do not know how long you can stay in the home. Your family’s stability depends on the decisions of the landlords. If they suddenly decide they do not want to rent their property further, you can not do anything. Moving your home would be difficult and very costly for you all of a sudden. When you have your own home, you can sleep sound without any fear and this feeling is priceless.
You can create your dream home
Landlords don’t allow repairing or painting and even if they do, they are not happy allowing the tenants to change or renovate the property or just improve it. When you have your own home, you have total rights of deciding on whether you want to renovate it completely or just paint the walls. Home improvements also increase the value of the property. If it’s your place, you can sell it for the maximum amount you can and get all the money for yourself.
You can lock in the price
You can lock in your price when buying a home. It means that the monthly housing payment will not change even if the home price rises over time for any reason. There can be fluctuations with insurance and property taxes but with a fixed rate mortgage, you can pay the same amount of loan. Comparatively in a rent home, the rent would increase annually depending on the landlord’s decision.
Make your home reflect your personal style
You want a blue painted bathroom? Go for it. You want a balcony? Go for it. You want a big kitchen with a store room? You can make it that way. When it’s your property, you can make it reflect your personal style. You can have a garden outside and plant your favourite trees.
Hedge against inflation
Living in a home on rent is not easy. You have to pay it every month and with the increased inflation the amount increases every year. Hence if you take an estimate, you are at a great loss. Having a home of your own can help you in this situation and it is a one time purchase.
No landlords as you are the owner
You do not have complete freedom and privacy when you are on rent. You are answerable to your landlords. Many people who are the owners, bother their tenants a lot. They keep asking them to use less water, pay extra bills, use less electricity and many other restrictions. Renters are on the mercy of landlords’ rules. Landlords can take ages to fix the broken water pipes or leaked walls. Homeownership allows you to live freely.
Conclusion
The above blogspot answered the question “what are the best reasons to own a home”. We learned the best reasons to own a home and discussed those in detail.
Frequently asked questions (FAQs): Best reasons to own a home
Why is owning a home important?
There are many reasons to own a house. It is a long term success in saving the finances. You enjoy potential tax deductions and pay yourself rather than the landlords. You are saved from inflation issues. It gives you confidence and support. You can leave it and come back anytime. You are responsible to handle it as you are in incharge. You can modify it anytime according to the new designs and personal needs.
What are the advantages of owning a home?
There are many advantages to owning a home. Some of the common advantages of owning a house are:
- You have your own privacy
- You can raise a family without any tension you have in a rented home
- You can customize and design it as you want to
- You can build equity
- You can ensure life security
- You can feel the pride of ownership
- You can stay as long as you want to and sell it if you want to or rent out later
- You can stay happy and focus on other pressures when you are satisfied in your home
What are the disadvantages of owning a home?
There are disadvantages of owning a home too. Some of the common disadvantages of owning a home are:
- It is a costly decision to buy a home
- It is a complex process
- You have to plan to live longer otherwise it will be of no use
- You have to face other risks including inability to pay taxes
- If you chose a wrong location, it will be a difficult to survive problem for you
- Home maintenance and repairs costs can affect your savings very quickly
