9 Things I Love (and 6 Things I Loathe) About Homeownership

I've been a homeowner for most of my adult life, having invested in a property as soon as I could. I was eager to own a place because I wanted to take advantage of the many perks that come with ownership.

But over time, I've learned there are also some big downsides. You don't want to make a choice you'll regret, so both are worth considering before making an offer on a house.

If you're thinking of becoming a homeowner yourself, here are nine things I love most about owning my own place and six things I dislike strongly. While everyone is different, my experience may provide some insight to help you decide whether property ownership is right for you.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Each time I make my monthly mortgage payment, I reduce my outstanding loan balance and acquire more equity in my home. If needed, I can tap into this equity later by borrowing. And eventually, I will own my home free and clear, thus acquiring a valuable asset.

The ability to build equity makes me feel like my monthly payments aren't just going into the pocket of a landlord but instead are actually helping me improve my financial situation over time.

ALSO READ: Will Home Equity Levels Rise in 2022?

Property values generally rise over time. Since my home will likely be worth much more than I paid for it as time passes, my net worth grows. This happens without any extra effort on my part.

A higher net worth provides me with greater financial flexibility. If I wanted, I could sell my home and pocket the profits to help me fund other financial goals. If I keep my home forever, I'll also have a valuable asset to pass down to my kids.

I itemize when I file my taxes. As a result, I can deduct mortgage interest on my tax returns.

Since I reduce my taxable income by claiming this deduction, my tax bill is lower. The government essentially subsidizes my decision to own my home, so Uncle Sam helps me build wealth.

ALSO READ: Is Mortgage Interest Still Deductible After Tax Reform?

In my area, not very many rental properties are available. Many of the rentals are apartments or townhouses rather than single-family homes. Most are also in high-density areas.

Since I prefer to live in the country and need a fairly large single-family house to accommodate my family and pets, buying a house made sense for me. It enabled me to find a property that better suited my needs.

Since I own my property, I can make any changes I want without getting permission from a landlord. It also makes sense for me to spend money customizing and improving it.

I actually ended up building my house so that I could design it exactly the way I wanted. I have also made upgrades over time, including adding a pool, which wouldn't have been possible or practical if I weren't the owner.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Rental properties are often located in close proximity to other people. And landlords may be able to access the properties fairly regularly to handle issues that arise. All of this compromises privacy.

I have several acres of land around my house, and I control who comes and goes and when. This gives me peace of mind, knowing that unexpected or unwanted contact with others is less likely to occur.

ALSO READ: Why Owning Rental Property Is 1 of the Best Retirement Moves

As long as I pay my mortgage, no one can evict me from my home. That's not the case for renters. A landlord can terminate a lease once it ends.

As a homeowner, I don't have to worry about being forced to move, and I have the confidence of knowing my children will grow up in the house they were born in.

Landlords can raise the rent at the end of a lease agreement, making housing costs unpredictable.

As a buyer, I was able to choose a fixed-rate mortgage, which means my monthly payments won't change. And I knew the cost of ownership up front. This provides much more predictability when budgeting.

ALSO READ: What Is a Fixed Rate Mortgage?

Many landlords have restrictions on the type or number of pets renters can have, or they charge extra fees for animals.

Since I own my own house in the country, I don't have to worry about these issues. I can -- and do -- have loud dogs and, one day, plan to add several other animals to my family without asking permission from anyone.

One of the biggest downsides of being a homeowner is that I must handle all the maintenance tasks a landlord would otherwise do for me.

I have to change my air filters, for example, and get my septic system routinely inspected to make sure all is functioning properly. This takes time, effort, and money as I must coordinate and pay for these routine tasks annually.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

When things go wrong in my home -- for instance, the air conditioner stops running -- I can't just call a landlord to take care of it. I have to find a repairperson and pay the fees out of pocket.

This can make my costs unpredictable and lead to huge out-of-pocket expenditures when major issues occur.

ALSO READ: Think These Renovations Improve Your Home's Value? You're Dead Wrong

During the summer, I either have to pay someone to mow the lawn, or my husband or I must do it. During the winter, snow removal becomes an issue.

These tasks mean we are constantly either paying someone to come to our house or spending time and energy taking care of our home's exterior. If we rented, a landlord would typically be responsible for handling these annoying burdens.

My property taxes are relatively high and have gone up over time. I will always have to pay these taxes every year, even after my mortgage is paid off.

This means there will always be housing costs I must cover. I'll never truly own my home free and clear since I incur this annual fee for living on the land.

ALSO READ: 3 Reasons to Fight Your Property Tax Bill

I had to make a down payment on my home, and my monthly mortgage payment is higher than the payment would be if I rented.

As a result, I've tied up a lot of money in my house. And a home isn't a very liquid asset since it can take time and a lot of money to sell.

I might have ended up wealthier over time if I had invested my money in other assets producing higher ROIs than my home will. And I definitely would have been able to access my invested funds more easily had I bought stocks instead of a house.

Finally, the fact that I own rather than rent my property means that moving would be a huge and expensive ordeal. I'd have to find a buyer and pay closing costs rather than just give notice that I plan to move when my lease term ends.

This means I can't move on a whim but rather, when deciding whether relocating makes sense, would have to consider the financial hit I'd likely take by selling my property. It could also take me more time than I'd prefer to find a buyer, so my moving timeline would be unpredictable.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

For me, the advantages of owning my own property clearly outweigh the downsides. I'm building wealth while making my home my own. But this isn't the case for everyone. Those who may move soon, for example, may not want to buy a property that could become challenging to sell.

Ultimately, everyone needs to make their own choices about whether to become homeowners. When doing so, be sure to consider both the pros and the cons so that you can make a fully informed choice you're less likely to regret.

The Motley Fool has a disclosure policy.