6 Reasons to Love Homeownership
Homeownership provides financial growth, stability and a sense of community. It's an investment in your future and well-being.
NEW YORK – Owning a home is a monumental milestone. And if you're thinking about becoming a homeowner, there's no time like the present to get the process started.
Have heart-eyes for a home? Here's six reasons to fall in love with homeownership:
1. Homeownership is an incredible accomplishment
Becoming a homeowner is no small feat. Preparing for the purchase – likely the largest transaction you'll make in your lifetime – generally requires saving money, getting organized and developing a strategy, often far in advance. Owning a home is a testament to your determination – and the outcome is having a wonderful new place to live.
2. A home can be a financial asset
Owning a home can help you achieve financial wellness and set future generations up for financial success, too. If you purchase with a mortgage, your home equity increases as you make monthly payments, getting you closer to owning the property outright.
With maintenance and care, homes typically appreciate in value over time – potentially putting more dollars in your pocket when you sell. A home's overall value is determined largely by market demand and location, as well as its condition.
3. Owning a home provides stability
As a homeowner, you're the landlord. You have a roof over your head, a safe space to call your own and a comforting place to come to at the end of each day.
Plus, if you're paying off a mortgage (aside from fluctuating loans, like the adjustable-rate mortgage), you're making regularly occurring payments and know exactly what to expect. Of course, factors like property taxes and insurance costs could shift as a homeowner – but you're not at the mercy of a landlord who wants to increase rent or sell the unit.
4. A home is customizable – and ready for creativity
Owning a home means having the freedom to personalize the space in whatever way best suits your interests and needs. You can bring your passions to life through color, furniture, décor and meaningful mementos – without asking anyone for permission.
5. Where you live serves as the backdrop for your life's milestones
So many of life's greatest moments – and memories – happen at home. Owning a home means having a beloved backdrop for good times ahead with family and friends.
6. Homeownership can provide a sense of community
An important perk of homeownership is the community it often brings. When neighbors get to know each other, it can lead to trusted relationships where you help each other out – and lean on one another in times of need. Partaking in community events is also a great way to put roots down in your new space and feel a sense of belonging.
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