15 Biggest Benefits of Homeownership

Deciding whether to buy a house can be complicated.

Investing in your own property is a major financial commitment. And there are definite downsides, including becoming responsible for maintenance and repairs.

But as you are evaluating your options, you'll want to be sure to consider all the potential upsides. To help you out, here are 15 big advantages of owning your own home that you should think about when deciding what's right for you.

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In many parts of the country, you're limited in the type of property you can rent. You may find mostly apartments, for example, or the available single-family homes may be smaller or in more crowded neighborhoods.

If you buy a property, however, you are likely to find a wider selection of homes, townhouses, and apartments. And if you can't find the perfect space, you have the option to build one yourself.

ALSO READ: Should You Rent or Buy a Home? 3 Charts to Help You Decide

Homeowners have the exclusive right to enter their properties. You don't need to worry about giving a landlord access to your space, meaning you can better protect your privacy.

Home equity refers to the difference between what you owe and what your home is worth. Each mortgage payment you make helps you build equity. Your down payment and property appreciation also help you to build equity.

Building equity is like a forced savings account. And each monthly payment you make goes toward increasing your wealth rather than enriching a landlord.

ALSO READ: Will Home Equity Levels Rise in 2022?

According to the U.S. Census Bureau, the median net worth of homeowners is 80 times greater than that of renters. And a higher net worth provides much more financial security.

While part of the reason homeowners have higher net worths is that people in better financial positions are more likely to buy homes, the basic fact is that buying a home does help you to become wealthier because you are acquiring a valuable asset.

When you first buy a home, you will typically have a monthly mortgage payment. But once you've paid off your home loan, the house is yours to keep.

After your mortgage payment disappears, you'll have a place to live with much lower housing costs. This can be helpful as you retire since less of your money will go toward a housing payment than if you were renting.

You can also leave your home to loved ones as part of your legacy.

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If you rent a property, you face the risk of your landlord raising the rent once your lease term ends. This can mean your housing costs become more expensive over time, and price increases are largely out of your control.

If you have a fixed-rate mortgage, on the other hand, you won't have to worry about rising housing costs. Your monthly expenses will be much more predictable.

ALSO READ: Why Your Rent Is Going Up

Landlords have the option to evict you once your lease is up. If your landlord decides they want to sell the property or ask you to leave so that they can rent to someone else, you'll have little choice but to vacate your home.

If you own your property, you don't have to worry about being forced to leave because someone decides they'd rather do something else with the space.

When you rent, you're at the mercy of your landlord when it comes to repairs and maintenance.

While there are laws that provide tenants with some protection, the fact is, you may have to fight with your landlord to get things fixed when something goes wrong. Repairs could also take time or be done poorly.

If you own your home, repairs and upgrades are within your control. The downside is that you have to pay for fixes. But you also won't have to worry about living with major issues as you wait for a landlord to do the right thing.

ALSO READ: 7 Mistakes Every New Landlord Makes (and What You Should Do Instead)

Mortgage loans tend to be very affordable, with interest rates often well below 4.00%. This means that you can leverage a small amount of money to buy a house, getting the rest of the funds from your landlord, and then pay very low interest to your lender over time.

And since mortgage interest rates are often barely above the inflation rate, paying off your loan becomes cheaper over time.

If you itemize when you file taxes, you can deduct interest on mortgages up to $750,000. The ability to deduct your interest makes buying a home cost even less and means Uncle Sam subsidizes your purchase.

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Up to $10,000 in state and local taxes can also be deducted if you itemize when filing taxes. This deduction allows you to get some or all of your property tax bill subsidized by the federal government.

ALSO READ: 3 Reasons to Fight Your Property Tax Bill

When you own your property, you can make any modifications or changes that you'd like without getting permission from a landlord.

This means you can make a space your own. You can put in a pool, paint, add an addition, or do anything else you need to create a sanctuary for yourself and your loved ones.

When you borrow to buy a home, your mortgage loan shows up on your credit report. Having a mix of loans -- including a mortgage -- helps you build your score.

This, in turn, makes other loans cheaper. You can borrow money for a car at a lower rate with a higher credit score, for example.

And utility companies, potential employers, and auto insurance companies also look at your credit score, so a good score can help your life in a number of ways.

Over time, properties typically increase in value. If your home is worth more than you paid for it, it can help you build wealth. You could sell the house and walk away with much more money than you put into it.

ALSO READ: People Are Making More Money Selling Their Homes Than at Their Jobs

Finally, there are psychological benefits to homeownership. You can live in your house with your family and make memories, knowing that the house belongs to you and is a place where you can become a permanent member of your community.

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While all these benefits can make homeownership a great thing for most people, buying a property still isn't necessarily right for everyone.

You'll want to weigh the pros and cons, evaluate your individual financial position, and consider whether you want to stay in the home for the long term.

By thinking about all these issues, you can make an informed choice about whether purchasing a property is the right move for you.

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