When you purchase a home, you can expect a different lifestyle – especially if you previously rented or lived in an apartment. Owning your own home definitely comes with perks to enjoy. A few of the benefits of homeownership are outlined below.
Benefits of Being a New Homeowner
1. Predictable Monthly Payments are Benefits of Homeownership
With renting comes little long-term predictability about how much you’ll be paying for your living space. Rent can jump annually or with property tax increases. With a mortgage, you know what your monthly payments will look like for years. This stability allows you to budget well ahead of time for home improvement projects or to put aside money and build your savings.
2. Benefit From Appreciation on Your Investment
In the world of homeownership, there is a really big positive benefit. Your house is an investment that can increase in value over time. Depending on your area and the housing market, this increase can be significant and your house may be worth quite a bit more in just a few short years.
3. Homeownership Allows You to Modify Your Space
Another one of the benefits of homeownership is the freedom to modify your space. As a renter, your options are limited (or nonexistent) in making changes to your space. You lived with your landlord’s taste in paint colors, flooring coverings, and bathroom design. Owning your home allows you the freedom to rip out the old carpet, install hardwood flooring, and to paint the walls any color you please.
4. One of the Benefits of Homeownership is More Privacy
Rental properties, especially apartment buildings, are not always constructed of the highest quality materials. They may be built with thin plywood, shoddy drywall, or other less-than-desirable materials. It’s not uncommon to hear your downstairs neighbor vacuuming the living room or know exactly when the guy upstairs is taking a shower.
Another benefit of owning your house is an increased level of privacy. The neighbors no longer know what you’re watching on television. You are the only person who has a key to your home – no more concerns about a landlord potentially violating your privacy with an unexpected visit. On your property, you can choose to build a fence, plant a hedge that screens you from your neighbors, or tackle another project to increase privacy as you wish.