3 Things I Love the Most About Being a Homeowner

Could you enjoy the same advantages of homeownership?

I always knew I wanted to become a homeowner, and I purchased my first house as soon as I was in a financial position to qualify for an affordable mortgage. I also made sure I had a hefty emergency fund so I wouldn't be at risk of foreclosure if my income was interrupted.

While there are some definite downsides to homeownership, there are also a few key things I love. And the aspects of ownership that excite me most could be good reasons for other people to buy a home as well. Here's what they are.

1. Building equity and wealth

Homeownership has allowed me to improve my net worth. When I make my monthly mortgage payment, I reduce the balance due on my loan, and I build more equity in my home. That means I get a larger ownership stake in the property by reducing the amount I owe the bank.

Not only do I build wealth as I acquire a larger piece of my home with each payment, but my net worth also increases as property values go up. Over time, I will eventually take full ownership of my house, and I will have a valuable asset that I could sell to bulk up my investment accounts or that I could continue living in without a big housing payment.

2. I can put a stamp on my space

As a homeowner, I've been able to personalize my property and make it my own. I can design a space that perfectly suits my family's lifestyle so I can make the most of every room -- and I've been able to turn my house into a sanctuary where I really enjoy spending time.

While renters can definitely do some personalization of their living space, there are limitations that exist that don't apply to homeowners. When I make big upgrades to my house, it increases my home's value. It wouldn't make sense for a renter to spend a lot of money doing things like upgrading kitchen cabinets or building an addition, and they likely wouldn't be allowed to do so anyway,

3. I'm not at risk of eviction or rents rising

Finally, another huge benefit of homeownership is that I have much more control over my housing costs. Renters are largely at the mercy of their landlords when their lease ends each year. A renter could find themselves being told they have to leave their space or must pay a significantly increased rent (if they don't live in an area where there are rent control laws).

Because I have a fixed rate mortgage, the bulk of my housing costs is locked in. While my insurance and property taxes can go up and raise my costs, the increases generally wouldn't be as big as the increase a landlord could impose.

For each of these three reasons, I definitely want to own a home and will continue to maintain my own place rather than becoming a renter. If these benefits appeal to you and you're in a good financial position, you may want to think about buying a property of your own as well.