Among the most fulfilling accomplishments you can have is being a homeowner. There are so many things that just make sense when you own a home. From being able to decorate however you want to having your own space, there are endless benefits to owning a home and responsibilities. With that, here are the things that just make sense when you own a home.
1. Owning a Home Gives You the Freedom to Decorate However You Want
There are a lot of things that change when you become a homeowner. You no longer have to ask your landlords what color you want to paint the walls or if you can put up new shelving. As long as it falls within your HOA rules, owning a home gives you the freedom to decorate however you want, ranging from OPPOLIA cabinets to a brand new swimming pool.
2. You Own a Personal Space, Legally!
As a homeowner, you have the satisfaction of knowing that your home is your own personal space. You can decorate it however you want, and nobody can take that away from you. It’s a place where you can relax and feel comfortable in your own skin. You don’t have to worry about someone making messes or being too loud – it’s all up to you!
3. You Can Build Equity and Investment in Your Future
Owning a home allows you to build equity and investment in your future. Home equity is the percentage of your home that you actually own, which is determined by deducting your mortgage balance from the property’s market value.
You can build equity in your home by:
- Paying big down payments
- Pay more on the Mortgage by switching to a biweekly mortgage payment and making extra payments towards the principal amount.
- Increase the value of your home.
By building home equity, you can easily borrow more loans and invest in other projects that could be profitable for you. If you own another home, you can easily rent it and use the proceeds to pay for your home. Essentially, the benefits just keep increasing.
4. Homeownership Comes with Many Responsibilities
The benefits of homeownership are often thought of in relation to the responsibilities that come with it, like maintaining the property or paying a mortgage. But owning a home also confers a feeling of stability and upward mobility. Studies have shown that homeownership can positively impact health, relationships, and children’s educational attainment. So if you’re considering taking the plunge into homeownership, know that there are many benefits beyond simply having a place to call your own.
These benefits, however, come with responsibilities. You have to pay the mortgage and utility bills. Since you won the home, you do not depend on the landlord to foot repair bills. So anything that breaks is on you.
5. Being a Homeowner Means Having More Security than a Renter
As a homeowner, you have a lot more security than a renter. You also don’t have to worry about someone else’s rules or schedules affecting your life – you can do whatever you want, whenever you want. And if something breaks, it’s your responsibility to fix it – no more waiting around for the landlord to take care of everything.
With essentials such as home insurance, you have the security of your property and valuables in case of burglary and home invasion. You are also at ease when you travel for longer periods since, with home security cameras and insurance, you can reclaim payments and reimbursements should something happen during the travel period. Moreover, you do not have to worry about rent when you loose your job because you already own the property.
6. There are Tax Breaks Available for Homeowners that Can Save Money in
There are tax breaks available for homeowners that can save money in a variety of ways. Some common deductions are based on the mortgage interest paid, property taxes, and private mortgage insurance. Other potential savings come from energy-efficient home improvements or being able to deduct medical expenses if you have a home office.
The Bottom Line
Homeownership is a great way for anyone looking to secure their future. With the benefits such as home equity, you can take any amount of loan you want against your property. If you are a first-time homeowner, let’s hope that this article helps you understand several things that simply make sense when you become a homeowner. You should not be alarmed by footing repair expenses and monthly mortgage payments. You should also prepare mentally and financially in advance to avoid inconveniences. Good luck!