Buying your home is an exciting step in adulthood that comes with many perks. And although many aspects of home ownership are certainly challenging, the challenges come with a considerable amount of advantages. Here are some of the biggest perks you can appreciate from owning your own home as opposed to renting one.
Creative Freedom
When your home is your own, you can do whatever you like with it. You can design and build your property as you see fit, and be a part of the entire creative process. Unlike when you rent, when you have to get the green light from the owner before you make any changes. In other words, spontaneous creative inspiration is yours when you’re the owner and have no one to answer to.
Security
When you rent from someone else, ultimately your fate lies in their hands. If they suddenly decide that they no longer want to rent the house to you, then you have to find somewhere else to live—it’s as simple as that. When your home is yours, you can sleep soundly at night knowing that no one can tell you to move out, as long as you pay your mortgage.
The security and comfort of knowing you potentially never have to move again is something that most people appreciate. After all, moving is one of the most stressful things anyone can go through— why do it any more than we have to?
Savings
Even though your mortgage may seem more expensive than paying rent, the truth is you’re saving money. When you pay someone rent, that money isn’t going anywhere other than into the landlord’s pocket. However, when you pay your mortgage, you’re gaining equity. All of the money you’re putting into your mortgage will pay off in the future, because you can resell your house to get that money back.
Investment
Not only can you sell your home back down the road and make back the money you spent on your mortgage, but you can sell it for significantly more than what you bought it for. The value of a home rises over time, especially if you manage to make a smart purchase decision. Owning your own home can be one of the best investments you make, and in some cases, you could live off the sale of your home for the rest of your life.
There’s a reason why real estate is seen as one of the smartest financial investments that you can make with your money. If you’re looking to build your wealth, then look no further than buying a home and sitting on its value for a while. Depending on where and what you buy, you could find yourself a millionaire one day when you sell your property.
