Make It Home: Homeownership Matters... Here's Why
Owning a home is one of the most significant purchases you will ever make in your lifetime.
With such a purchase, you have to think it through. Owning a home has a collection of benefits such as learning how to invest well, elevate your social standing and improve your financial literacy.
The value of your home can increase over time, making your investment grow. As you pay your mortgage loan over the years, you can build ownership interest called equity, which offers financial flexibility under the right circumstances. Your home is also a legacy, financial or otherwise, for the next generation.
Also, your home will appreciate when you maintain and improve the infrastructure. Historically, most homeowners have seen the value of their investment increase over time. They can consider selling their houses at a price higher than they had purchased it to make a profit.
Owning a home is an opportunity to settle down and gain a sense of belonging in a community. Home-owners are more likely to invest in the local community and develop interpersonal relationships that create a reliable support system than those who rent in the area. The sense of pride and personal satisfaction that comes with owning your home is profound and contagious, knowing you have a home of your own to share and enjoy with friends and family. Your home can be the ideal spot to invite friends over for BBQ’s, for hosting baby showers or for sharing unforgettable family moments, to name a few.
A home purchase seeks to benefit a child’s development since this environment has the potential to facilitate safety and stability. Plus, owning a home can increases your enjoyment of life significantly.
Purchasing a home can work as a forced savings vehicle, which is very beneficial to many people who struggle to save money consistently. While rent payments go straight into the pockets of the landlord, mortgage payments are an investment for your future. As the remaining balance on a mortgage is reduced, you will observe an increase in home equity.
It’s best to spend your money on your home than on unnecessary, short-term expenses that won’t provide you value later.
Owning a home has a wealth of benefits. When you buy a home, you are making an investment that can strengthen your future.