Home ownership is a goal that many people strive to reach at some point in adulthood. What is it about home ownership that is so attractive? There are a number of benefits to homeownership that you will realize over time after you make your first home purchase. A home is a good long term investment, it can lock in your housing costs, owning a home can provide stability for your family, and help you establish roots in your community.
Owning a home can be a good long term investment
When you look at the prices of homes in your area thirty years ago what do you think you will find? If your area is like most other places in the country you will find that the home prices have gone up drastically in the last thirty years. This is great news for the people who invested in a home thirty years ago because they have an excellent return on their investment. But, is home ownership still a good investment for first time home buyers? There is no way to predict exactly what the real estate market will do but many financial experts still consider home ownership a good long term investment.
You lock in your housing costs
If you have been a renter for very long then you may have noticed your rent go up over time. The reality is that your rent will continue to increase as time passes. Just ask someone who rented an apartment twenty years ago what they paid! When you purchase a home you lock in the price that you pay for your housing. There are some variables you cannot control-such as taxes-but in general getting a mortgage will keep your payments stable. You will not have to worry about surprise jumps in your housing costs each time you renew a lease.
Provide stability for your family
There is something about owning a home that provides a sense of stability. Choosing to purchase a home is typically a long term decision. As a home owner you can settle in knowing that you are going to stay put for a while. And, as mentioned before, you have a more predictable expense when you own a home than when you rent which provides stability.
Establish roots in your community
Becoming a home owner can also provide you with the opportunity to really establish roots in your community. This is because you have found a place and decided to stay for a while. Feeling like you are at home allows you the freedom to get involved with the community around you. This is also part of what creates the feeling of stability that home ownership offers.
There are a number of benefits to home ownership as you can clearly see. Some of them are tangible-such as the factors related to money-and others are more abstract-such as the feelings of stability and establishing roots. Whether these are your motivations or you have other motivations, owning a home is a worthwhile goal to pursue.