Speaking from someone who has not ever owned a home, I would think there are endless pros to owning a home. From research, I’ve deduced that it all depends on the home that you own. The value of your investment is hinged on the amount of money you spend on repairs. Focusing on the advantages, let’s go over what are the best things about owning your home.
It’s Yours
This is such an underrated feeling and it can mean a lot to someone’s self-esteem. Owning something and doing so independently is an empowering experience. Owning your home is a building block in the foundation of establishing your mark and what you leave behind for your children.
If you are in the position of asking yourself if you should rent or buy a house, establishing your equity as quickly as you can is your answer. Investing in real estate is a primary way to provide your family with security both physically and financially.
There are about another couple dozen advantages at least to owning your own home. You can do whatever you want at home. You can essentially remove every dividing wall and turn it into a giant open area if you would like. You can paint the floors hot pink and have a mushroom mural on the wall. Nothing is beyond your reach when it is your home.
No “No Pet” Rules
I would say that most people have a pet of some sort. I want to say 50% – in reality, I have no idea the exact percentage of people that own a beloved animal. And nothing is worse than renting and not being able to bring a pet. Or the brutal and life-draining effort it is to find an apartment that does allow pets.
Out of all of us who own pets out here, we are all fighting over the same apartments offered by the only landlords who can relate to us. When you have your own home, no one is telling you what you can and cannot do with your pets.
For many, pets are part of the family. They should be because they live with you and depend on you for years of their lives. So really, if your pet is not part of your family, in my opinion, that would be a red flag.
Stability
Of course, you will have the lifestyle stability of providing a place for yourself and your family to live, but you will also enjoy the monetary stability that comes along with owning a home. You can drastically save money overall with having a mortgage compared to paying rent.
Additionally, over time you are paying towards your own wealth as opposed to someone else’s wealth and receiving virtually nothing monetary but shelter. This is a great way to start investing to leave something for future generations.
Even if you take that home, build wealth off of it and what you choose to do with that wealth can help you to build more passive wealth. Passive wealth is how you start to really create a financial future for yourself. And the sooner you are able to afford to do this, you should do so.
If you’re still asking yourself if you should be renting or buying, the answer is clearly buying. If you’re fortunate to be able to do this and have enough money saved and a steady income, it is highly suggested to start researching home ownership as soon as possible.
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