There is probably no greater decision that we can take than where we decide to live. Whether it is location, price point, or even the neighbors, the place you call home will mark your life, playing a factor in nearly every aspect of it.
Perhaps one of the biggest choices to make about housing is whether to rent or to buy. With the rush to buy causing sales to surpass the six million mark in 2021, it’s clear to see what most people’s answer is to the question.
But what are the advantages of owning a home?
We have put together five clear reasons why it makes sense.
1. Long-Term Stability
Even if you are renting your dream home, that idyllic lifestyle can be rocked by one simple phone call or message from your landlord.
As tenants and not homeowners, you are at the mercy of your landlord who could decide to up your rent the next time a renewal comes around. Moving home is one of the most stressful things anyone could do, so being forced to consider moving unexpectedly is a headache most could do without.
This is never a concern for a homeowner, who knows exactly how much they need to spend on mortgage payments if it is a fixed rate. Bearing in mind where you live is the biggest expense most people have, this gives you the security to plan long into the future, bringing you peace of mind in the process.
2. Freedom to Make Your Home Your Own
One of the advantages of owning a home is that you can let your imagination run wild when it comes to decoration. Everyone’s tastes are different, but if you rent, the reality is that your taste isn’t what’s important. Your landlord’s is.
Not having to wait for approval means you can mold your home to your liking, even if that means knocking down a wall or two!
3. Increase Your Credit Score
You can’t put a price on good credit. Having it futureproofs your finances for if you are ever in need of money further down the line, from a loan for a car to paying for your children’s education.
As you will need to pay for where you live regardless, another one of the advantages of owning a home is by paying your mortgage on time, you will be leaving yourself in good standing for years to come.
4. Tax Relief
Following on from one financial benefit to another, did you know that you can alleviate your tax burden by being a homeowner?
Yes, having a property means you are eligible for various tax breaks. Property tax, mortgage interest, and even insurance premiums can be offset against your federal income tax.
A recent addition to this list is solar credits. given to promote the use of cleaner and greener energy sources. So if you recently bought a home it may be worth checking out how to get solar near you and reap the benefits today.
5. A Safe Investment
Remember that wherever you live, someone is benefiting from you being there. So why not let it be you? One of the best advantages of owning a home is that you are investing in yourself, rather than lining the pockets of someone else.
While it is easy to be concerned that your home could lose its value, the reality is that this is rare in comparison to other investment options. We say safe as houses for a reason!
Regardless if you do plan to sell further down the line or hold onto it for something to pass down the generations, being a homeowner benefits you, and not a landlord.
Reap the Advantages of Owning a Home Now
As we have seen the advantages of owning a home are many. So what are you waiting for? If you are unable to do so now, make a goal for your future and you will eventually reap the benefits.
We hope our reasons got you thinking! For more thought-provoking articles check out the rest of our blog!