When you own a home, versus renting one, you are able to build equity on your property as well as reap certain tax and long-term financial benefits. But there are many more benefits to owning a home, besides the financial ones. Here are some of the top, not-necessarily-financial benefits to owning your own home.
- You can form lasting relationships with your new neighbors. Many single-family homes are situated in suburbs, which serve as their own sort of little community. And after living in a certain area, or community, for awhile, you really have no choice but to get to know your neighbors. Aside from that, you’ll meet your neighbors’ close friends, some of the local workers, popular vendors, and so much more. Knowing all of these people and being in touch with the community around you is a rewarding experience, and it will make your house feel more like a home.
- Flexibility with your needs. When you own your own home, you’re free to change it up in almost any way you can think of in order to meet your short-term, or long-term needs. If that eggshell paint is really starting to bore you, you’re free to try a DIY Chevron pattern instead. For a growing family, you can change or add a room-whatever you need!
- Anybody need a place to rent? Once you own your home, you can let whoever stay wherever for however long. If you’re feeling short on cash and a friend needs a place to stay for awhile, you are totally allowed to rent him a room. If letting someone stay over isn’t an option, you could consider renting out extra garage space, or your almost-empty-tool shed if someone needs storage. And YOU get to set the start and end dates for everything; you can limit your tenants to a week, a month, or a year, if you want to. It’s totally up to you what you want to do with that space.
To read the full article on the upsides of owning a home, click here.