Home ownership is usually the biggest financial transaction that a person can engage in. Because of this, there is a tendency for first-time home buyers 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 outweighs 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 first-time home buyers; 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 molded 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. First-time home buyers are now able to consider the opportunities and improvements you can make to the building’s structure and function, such as 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 many first-time home buyers, purchasing 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.
Home ownership is an asset! A home that you own is a literal ‘nest’ egg for your future and allows you to make your housing expenses to be more fixed. Choosing the right home loan upon purchasing your home is also crucial. Consulting with a trusted mortgage planner can alleviate the stress of making one of the most important, and best, financial decisions in your lifetime.
Comments are closed.