The American dream of homeownership is alive and well for close 65% of people in the US. For many, that’s the goal of adulthood. Once you’ve started a career, it’s time to save and buy a house.
What makes buying a house so desirable for so many? Is it the financial benefits? Is it the idea of owning something big that’s your own?
There are many benefits to homeownership to consider whether you’re already in your own home or are considering this big purchase.
Read on to learn more about the many benefits to consider for homeownership.
Table of Contents
1. Build Your Own Personal Wealth
One of the biggest benefits of homeownership is the ability to build wealth with your home. In fact, people who own a house are significantly more likely to have a higher net worth than someone who rents housing.
Once you make the investment into buying a home and pay your mortgage each month, it’s like having your own savings account. Your home continues over time to build in value while you continue to own more of it outright.
2. Build Equity
One of the biggest financial benefits, when you own a house, is the equity you build up over time. This is how you continue to use your home to build wealth for yourself.
You can use this equity when you borrow against for home improvements. You can also use the equity if you decide to sell your home and buy bigger.
The housing statistics on Sell My Houser are clear, homeownership gives you an opportunity to build equity to your advantage.
3. Tax Advantages
Another way your home works for you is through the tax advantages it provides. When you own a home, you can write off the interest you pay on your mortgage.
You can also write off property taxes.
This allows the house to help you save and also build wealth another way by lowering your expected tax burden.
4. Stable Housing and Housing Costs
Most people when they buy a home get a mortgage that’s got a fixed rate. What your home costs you monthly and yearly remains constant for the most part.
Not only do you then have stable housing and don’t have to worry about moving or looking for your next rental, but the cost of living in the home also remains constant.
This is another way you’re able to build wealth over time. Your income may increase over time. Your equity builds up in the home, but your costs remain constant.
5. Establish Yourself in a Community
Buying a home allows you to put down roots in a community. Often it’s the place where your children are born and raised.
You get to know neighbors and become invested in the community around your home.
Your kids attend local schools and you become a consumer using local businesses.
Take Advantage of These Benefits of Homeownership
There are many benefits of homeownership that are both financial and emotional. A home not only allows you to build wealth, but it also becomes the place where you build a life.
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