Throughout your life, one of your greatest expenses will be the cost of your house. Some people will rent a house and some will own. While renting can have some advantages, here are some of the best benefits of home ownership.

 

Financial

 

While the initial investment when buying a house is greater than when renting, the cost quickly evens out and turns into a financial gain for the homeowner.

 

House Payments: Your mortgage payments will fluctuate very little with a fixed mortgage. The only modest increase you will see would be from a change to your property tax assessment. Another small possibility would be a change in your homeowner’s insurance policy premiums. When renting, your monthly rent can change at the discretion of your landlord or if you move. And, obviously, rent payments would increase drastically over the span of several years while a mortgage payment would remain the same.

 

Taxes: Owning your own home will also allow your to claim exemptions on your income tax returns. You can even get energy credits for environmentally conscious home improvements. The biggest advantage on a yearly basis is being able to itemize your deductions by claiming your mortgage credits. This will drastically increase the amount on your tax return.

 

Build Equity: When you are paying a mortgage, you are actually investing money into your own asset rather that paying rent for someone else’s asset. And, your home will increase in value over the years. It’s not unreasonable to expect your home to be worth twice what your paid for it at the end of a 30-year mortgage.

 

Home Equity Loans: When you are consistently paying your mortgage and your home is increasing in value, you will be able to borrow money against your equity at a low interest rate for an unexpected emergency. This resource can be especially valuable if an expensive home repair is needed.

 

Planning Your Retirement: One of the greatest benefits of home ownership is the security it allows you when planning for your retirement. You can either stay in your house or use it’s value in some other way to make your retirement more comfortable and relaxing.

 

Privacy

 

Owning your own home will afford you the advantage of maintaining your own privacy. Whether it is making sure that your construction is solid in an apartment or condominium, or maybe adding a privacy fence to a single-family home, you are able to control the privacy level that you desire.

 

Make Updates

 

If you own your own home, you can make any changes that you want. As long as it’s in your budget and there aren’t any property zoning restrictions, the sky’s the limit on what you can do to make your property more comfortable, desirable, or attractive. And, those updates will increase the value of your home.

Build Memories

 

Your home is your haven. Many times, your dream home may end up becoming your forever home where you will raise your family and create those memorable moments that you will always cherish. And, as your family grows, they will always feel the sentiment of their childhood home and continue to create those wonderful memories.

 

Owning your home is truly the American dream. The best thing about it is that it’s all yours. Your home is an extension of yourself and your family and will always be that safe place for everyone. Renting a home just can’t compare to owning your own home if you want to create a solid future for you and your family.