Unique and Unexpected Benefits of Homeownership

Homeownership can bring with it some truly unique and unexpected benefits that you may not have even considered. Here are 15 of them:

1. Financial flexibility – Your home is an asset, and the equity in your home can give you access to cash for major purchases or investments.

2. Forced savings – Every month when you make a mortgage payment, you’re investing in part of an asset that will eventually be yours.

3. Tax benefits – Homeowners can often deduct their closing costs, property taxes and property maintenance expenses from their income taxes every year.

4. Pride of ownership – Owning a home gives homeowners an immense sense of pride, accomplishment, and stability in life.

5. Increased privacy – When homeowners own their own property, they don’t need to worry about the rules and regulations of a landlord.

6. Stability – Homeowners can be assured that their housing costs will remain relatively stable for quite some time, whereas renting may come with frequent rent increases from your landlord.

7. Appreciation – Over time homeowners often see an increase in their home value which is a great asset when it comes time to sell the home or refinance their mortgage.

8. Investment opportunities – Owning a home allows homeowners to gain access to investment opportunities such as rentals, flips and other real estate investments that non-homeowners wouldn’t typically have access to.

9. Enhanced security – When homeowners own their own property, they don’t need to worry about being asked to move out or having their tenancy ended without notice.

10. Customization – Homeowners can customize and make improvements on their property that renters would not be able to do.

11. Cost savings – Homeowners may qualify for discounts on homeowners insurance, and over time homeowners are likely to save money in comparison with renting due to the appreciation of their home value.

12. Community – Homeowners often have a stronger bond with their neighbors due to increased stability, as well as access to community events and programs that can be beneficial.

13. Quality of life – Having secure housing allows homeowners the opportunity to focus more on other aspects of life such as career, family and leisure activities.

14. Legacy – Homeownership gives homeowners the opportunity to leave something behind for their children and family members that can be treasured for generations to come.

15. Freedom – Owning a home allows homeowners to make decisions about their property without having to worry about what the landlord may say or do.