Could you enjoy the same advantages of homeownership?
- I generally like being a homeowner, despite there being some downsides.
- There are three big perks I appreciate about owning my own place.
- Building equity, personalizing my home, and not worrying about eviction are three reasons I love homeownership.
I always knew I wanted to become a homeowner, and I purchased my first house as soon as I was in a financial position to qualify for an affordable mortgage. I also made sure I had a hefty emergency fund so I wouldn’t be at risk of foreclosure if my income was interrupted.
While there are some definite downsides to homeownership, there are also a few key things I love. And the aspects of ownership that excite me most could be good reasons for other people to buy a home as well. Here’s what they are.
1. Building equity and wealth
Homeownership has allowed me to improve my net worth. When I make my monthly mortgage payment, I reduce the balance due on my loan, and I build more equity in my home. That means I get a larger ownership stake in the property by reducing the amount I owe the bank.
Not only do I build wealth as I acquire a larger piece of my home with each payment, but my net worth also increases as property values go up. Over time, I will eventually take full ownership of my house, and I will have a valuable asset that I could sell to bulk up my investment accounts or that I could continue living in without a big housing payment.
2. I can put a stamp on my space
As a homeowner, I’ve been able to personalize my property and make it my own. I can design a space that perfectly suits my family’s lifestyle so I can make the most of every room — and I’ve been able to turn my house into a sanctuary where I really enjoy spending time.
While renters can definitely do some personalization of their living space, there are limitations that exist that don’t apply to homeowners. When I make big upgrades to my house, it increases my home’s value. It wouldn’t make sense for a renter to spend a lot of money doing things like upgrading kitchen cabinets or building an addition, and they likely wouldn’t be allowed to …….