Perhaps the biggest purchase a person can make in their lifetime is a home, for a home symbolizes the fruit of many years of hard work, and for some, signals new life changes. Renters that break from their existing model to purchase their own homes tend to feel better about themselves for putting money toward their own place instead of what feels like throwing it away as rent.
However, these physical changes aren't the only things new homeowners experience. They undergo several changes, from the time they decide to purchase their own home, while they're going through the process, and certainly after they’ve signed on the dotted line and officially become homeowners.
If you're thinking of buying a new home and are deterred by the high costs and slightly scary process around it, think about the fact that homeownership changes your life for the better—here's how:
Almost everybody dreams of having their own home, but so few people are taking the leap of faith to do so in modern times. While it is perfectly fine to rent indefinitely, wouldn't it feel better to come home from work to a place that you can truly call your own? That everytime you walk into the door, you see the product of your blood, sweat, and tears? It's hard to feel the same about something you don't technically own.
Whether you took out a loan or saved up for your downpayment from scratch, there’s no denying that you’ve developed better financial habits as a result of your decision to purchase a home. Whether it was making on-time payments to build your credit score or sacrificing your weekly dinners out or even working more than one job, the lengths you had to go through made it all worth it.
Although you’ve shelled out a huge sum of money and will be paying mortgages over the next few (or more likely, many) years, purchasing a home also offers a lot of financial benefits, such as certain tax breaks. You may be able to deduct mortgage interest and property tax payments, which in turn, offset the cost of homeownership.
Owning a home is a major acquisition and investment. Every time you pay your mortgage, you are slowly working to earn each part of the home that you can truly call your own. When your home is fully paid off, you have an asset that you can sell or rent out to earn extra cash, which can serve as a safety net to turn to in case of financial troubles—especially since home prices appreciate over time.
Unless you’ve paid for your home in full, you’ll be paying down your mortgage for many years. But that’s okay because you're seeing (and living in) the place where your money is funneled into each month. Knowing that the home is going to be yours permanently, and the fact that you can pass it down to your children, are certainly motivations to work harder to be able to pay it off (and take care of it while you live there!).
How Homeownership Changes Your Life for the Better
There certainly a lot of benefits proving how homeownership changes your life for the better. Besides what has already been discussed, how do you think homeownership has changed your life for the better? Let me know in the comments!