Everyone will tell you that there are financial benefits to owning a home but it’s important not to forget other positive reasons that have nothing to do with money.
1 – Security
If you’ve been a renter before, you know that your ‘rights’ are limited and many times the possibility of moving rests on the whim of your landlord. When you buy a home – it puts you in control. As long as you make your payments, you are the master of your castle and that security can help you sleep better at night.2 - Education
Most buyers consider the local school district when they purchase a home. Since you cannot be forced to move (as mentioned above), your children will enjoy the stability and growth in a strong school district which gives them a better head start. Plus studies show that children who live in a home owned by their parents do better in school!With our Ways 2 Save Budget Worksheet, you can easily manage your budget with our free month-by-month plan. Grab your free copy »
3 – Freedom
Renting a house that isn’t yours adds constrictions to customizing your living space. You have to ask permission if you want to change anything and most of the time, you won’t be able to paint or decorate the way you would prefer. Plus additions or normal damage can violate your lease or eat up your deposit. When you own your home – it’s yours and you’re in charge of the changes.4 – Memories
Most people reminisce about the home they grew up in and if you have or are planning to have children, the idea of building these foundation experiences is important. The memories you enjoy in a home you own will last a lifetime and your home will acquire the ‘scars’ that will remind you of each experience for years to come.5 – Pride
This is one benefit that often gets overlooked but ranks high on people’s priorities. The sense of pride of owning your own home is considered part of the American Dream. Since it ranks as one of the largest investments you will ever make – it’s only natural that owning your home would come in as one of your biggest achievements.Key Take Away
If you are considering whether “to buy or rent” – make sure you look at all of the pros and cons of both sides including the benefits that don’t have a dollar value!
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