Everyone knows that owning a home provides advantages that renting just can’t compare to but most people don’t realize just how much better it truly is. Aside from the many financial advantages there are many intangibles that make owning your own home a true joy.
Think about it. You can do anything that you want in your own home. You can paint any color that you like; you can choose the type of flooring that you prefer; hardwood for the living room, carpet for the bedroom, that awesome marble tile for the bathroom! Just as importantly you can change your décor anytime that you choose. A home is ever evolving and the choices are 100% up to you. What renter ever has that kind of freedom? Expressing yourself in your home is what makes it your home and not just a house.
What about all of the other advantages of owning a home? Nothing compares to the pride and joy of coming home after a hard day’s work to your own little universe. The peace of mind and independence that you will experience is unlike any other. No landlord to answer to, no landlord to seek permission from, no landlord at all! The freedom of owning your very own home is difficult to put into words but I can assure you that it’s a tangible benefit that no renter will ever know.
Then there are the children to consider. If you are (or plan to be) a parent owning a home will provide advantages for your children that they will benefit from long after you are gone. Financing their college education is a gift that they will benefit from all the days of their lives but the advantages start long before they grow up. Small children need stability that moving from one apartment to another does not provide and if they need to change schools as a result the change could be even more unsettling.
Naturally the financial advantages are huge as well. The tax write offs that homeowners enjoy are a huge advantage when compared to renters and what about appreciation? As an example, let’s say that you pay a monthly rent of $700 in an apartment. That’s $8,400 a year and if you live there for 5 years that would total $42,000 in rent. Of course that’s assuming that your rent never goes up and of course that is NEVER the case, right? What about 30 years later? Even if your rent didn’t increase your monthly rent would equate to a whopping $252,000! With the average rent increases that most renters endure the true figure would likely be $400,000 or more, and for what? If you had invested that $400,000 in a home it could be worth double that amount or more! How can anyone compare $800,000 to $0.00?
A home is the biggest investment that most people make in their lifetime and usually the best and security and stability are something that you can’t put a price tag on.