The Advantages of Homeownership
How owning a home may benefit you
The month of June is known across the country as National Homeownership Month. As we take time to celebrate the benefits of homeownership, it’s important to recognize the effect on us as individuals, and as a community. Homeownership is often part of the American Dream, and is tied into our desire to provide a better life for generations to come.
One major benefit is the pride of ownership. When we own our home, we are more likely to take care of it and maintain its curb appeal which in turn, positively affects the neighborhood and our surrounding community. If the neighborhood improves, the value of our home typically goes up as well.
Another benefit of homeownership is that it can be a great way to build wealth. As our home prices rise, our home values do too. When it’s time for us to sell, our increased equity will allow us to have more money to use as a down payment on our new home (or into savings, if we choose not to purchase a new home).
In addition, there are many other benefits to owning a home including tax deductions, more control over our day-to-day housing-related costs, and the freedom to customize our space. If you’re considering shifting from renting to owning, take a look at our previous Buying Versus Renting post.