If you own a home, there was certainly a lot that went into your decision to buy rather than continue to rent. Now you’re enjoying all the advantages of homeownership—here are the top five.
- Building wealth:When you own a home, you have an asset that will likely increase in value over time. It provides great security, and the opportunity to essentially live “rent-free” in your retirement years when the home is paid off.
- Freedom to make it your own:Owners can be strict about customizing rental properties. Some don’t even allow their tenants to paint and all updates must get prior approval before being completed. But when you own a home, the possibilities are endless. Get rid of a wall, or paint it any color you like. It’s your property.
- Building equity: Every mortgage payment your make, and every improvement you make on the home, is putting money back into your pocket. Unlike with renting, owning a home gives you more than just a place to live. You can use your home equity to get loans and even cash for emergencies.
- More freedom and stability:Studies show that homeowners have a better sense of pride and security than renters. When you relax in your own home, you know it’s the result of hard work and planning, and that you have the freedom to change it as you wish.
- Tax advantages:Homeowners can deduct the interest paid on home loans and property taxes—that’s a big break that comes up every April 15.