More than Just a Roof over Your Head: 4 Benefits of Owning Your Own Home

Homeownership is a rite of passage almost everyone dreams of. Whether you call yourself a veteran homeowner, a first-time buyer or planning to add one more property to your list of assets, being able to call a home your own definitely calls for a celebration. When it comes to taking a homeownership leap, not many are actually able to find the courage to make the big move. Here are some of the benefits that owning a home guarantees -

Freedom to Own
The most obvious benefit of owning a home is perhaps the ability to customize it to fit your requirements. Owning a home also gives you an opportunity to convert your ‘dream home’ into a reality by designing, renovating and adding anything that goes with your style. Pride of ownership is believed to be the topmost reason why people yearn to own a home. You can paint the walls in any color and add any fixtures that you like without worrying about breaking any leasing restrictions or regulations.

Good Long-Term Investment
According to Nabil Patel, Director, DB Realty, real estate is considered to be a solid long-term investment which remains in steady demand, unaffected by volatile movements in the stock market. Unlike car and other investments whose value decrease over time, a home is an asset that only appreciates with time. With each mortgage that you pay, the debt amount decreases while your home’s value continues to increase. This enhances your investment power, better known as equity.

Forced Savings
Home ownership is the most stable and reliable way to accumulate wealth. Industry leaders such as Nabil Yusuf Patel believe that home ownership is, in fact, forced savings and paying monthly mortgage a way to overall profit. Rather than an expense, it’s a payment to oneself that ensures higher returns and equity down the road. This equity can be viewed as a type of savings that increase your net worth.

Living Security
Your family’s stability depends upon your landlord’s decisions when you rent a house, who may suddenly ask you to vacate his property. Moving from the house is not only inconvenient and expensive but can also be pretty emotional, especially when you are asked to shift unexpectedly. Owning a home gives you peace of mind and a sense of security. That’s priceless! With so many benefits of having one’s own home, you might be ready to take the plunge. However, it is imperative to choose a trusted source however when considering your options.