Home ownership is usually the biggest financial transaction that a person engages in. Because of this, there is a tendency to focus on the numbers and the market. It’s important to keep in mind that there are a lot of incalculable reasons to buy and own your own home.
Here are just a few of the ways where the value of owning a home far outweigh the alternative of renting…
Create a Sense of Home
When you own your home, there’s a lot more tying you to your neighborhood, community and city. This stability and level of permanence can be positively transformative for many people; particularly those with a history of moving a lot who are looking for more establishment. But even if the stability of your living situation isn’t a priority, we all want home to feel like home, and ownership provides far more options and flexibility. From wallpaper to paint or even adding a room or knocking down a wall, the value of owning a home is that you can create the most ultimate homey ambiance.
Express Your Personality
Beyond the sense of home, your house is a canvas on which to express your art, or a ball of clay to be moulded to your creative aspirations. By owning your home, you can express your personality in the decor and design of every room, from top to bottom with little to stop or limit your dreams. You can even express different parts of your personality in different rooms or features of your home.
Increase Your Sustainability
There’s a widespread desire to live more sustainably, reducing our harm on the environment in as many ways as possible. When you own your home, you can make improvements to the materials that make up the building’s structure and function, replacing them with more environmentally conscious, eco-sourced or energy-efficient alternatives. You can also add or integrate more ‘green’ features such as solar panels or drip irrigation systems to help reduce the carbon footprint your home makes.
Make Space to Grow
For some, buying a home is that next step toward personal aspirations such as having a family. With this dream in mind, you can purchase a home that will accommodate your growing family (immediately or with options for future add-ons). The stability of owning your home will also translate to amplifying the feeling of security and belonging that the space inspires in your little ones as they grow up.
Attain Better Privacy
One of the drawbacks to renting a home is the access your landlord has to your personal space. Sure, they must give notice before entering, but this is rarely specific and you may find yourself avoiding certain tasks or activities on the chance they will arrive when it’s least convenient. You cannot control your privacy near as much as when you own your home. If desired, you can also enhance the privacy features when you own property by adding a fence or planting some thick shrubs or hedges.
Of course, it’s an asset! A home that you own is a literal ‘nest’ egg for your future, making your housing expenses more fixed and giving you a long term plan to reduce them significantly when you pay off your mortgage (therefore making your retirement budget more attainable).
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