Non-Financial Benefits to Home Ownership

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Non-Financial Benefits to Home Ownership

When most people discuss the benefits of owning a home, they’ll talk all about how real estate is a great financial investment and how you’ll save so much money in the long run.

While this is usually true, the non-financial benefits of owning a home can be just as fulfilling. As a matter of fact, they can even be more rewarding.

Freedom and Comfort

When you rent from a landlord or property management company, you sign a lease agreeing to follow their rules regarding what you can and cannot do regarding the home. This severely limits your ability to personalize your house and decorate it to your liking. Most leases will forbid you from painting all together, while some will allow you so long as you get the color approved or paint the walls back before you leave. Not to mention how annoying it is when you have to worry about holes in the wall every time you want to hang a picture or shelf.

When you own a house, you’re free to do whatever you want to it. Want to paint your red door black? No problem! Feel like putting in hardwood instead of carpet? Go for it! The possibilities are endless. There’s no feeling in the world like having total freedom to customize your living to match your own wants and needs.

Security

Nothing prevents landlords from putting their properties up for sale at the end of a lease, even if you personally want to renew the contract (it actually happens quite often). In reality, your landlord doesn’t need any reason at all to decide not to renew the lease. In most cases, all that is required is 30 days notice for you to vacate. Even if your landlord continues to rent the property to you, it’s very possible that your rent price will go up, especially if you live in a desirable area.

When you own a home, you can breathe easy knowing that you won’t be forced to move any time soon. If you do have to move, you have the option of renting your current property out instead of selling it.

Community

When you rent a home, it sometimes feels like you’re a temporary resident to the neighborhood, which can result in you feeling distant or unconnected to your neighbors and the community.

There is a sense of community and belonging that you feel when you own a home. You’ll be there long-term, so naturally you’ll become close to the neighbors and feel like a genuine part of the neighborhood.

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While there are numerous financial perks to owning a house, the emotional benefits are just as important. Keep these in mind if you’re trying to decide whether to rent or buy your next home.