- Pride in owning your own home. This is still a big piece of the American Dream – to own a home of your own. Many homeowners take a great deal of satisfaction and pride in owning the house that they live in, maintain, and possibly raise a family in.
- Increase in property values. Historically the value of real estate has gone up over the long term. While there is no guarantee that any given home will go up in value, most home owners purchase a property hoping that in time it will be worth more than they paid, adding to their overall net worth.
- Building equity. Monthly rent payments go entirely to the owners of the property, while monthly mortgage payments go in part to paying off the balance of the loan, increasing the home owners’ equity position in the home.
- Security. As long as you pay your mortgage and other obligations as agreed you can generally remain in the home as long as you choose. There is no concern that a landlord will sell the property forcing you to move out of a rental sooner than you’d like.
- Sense of community. Home owners in general feel more tied to their community. This means a greater sense of belonging to something, and neighbors often work together to improve the quality of life there. This could take the form of a neighborhood watch program which reduces crime, or creating a community park where children can play.
- Make the home your own. When you own a home you have the freedom to decorate and renovate it however you choose (though there may be some limitations set by property owners association rules or town ordinances.) Home owners are often more interested in doing work on their property’s than renters as they will realize any increase in value rather than a landlord.
- Greater stability. Home owners tend to stay in their homes longer before moving than renters. This continuity is often beneficial for school aged children, and career success.
Additional First Time Home Buyer Resources:
Learn more in the Mortgage and Home Buyer Education Center from American Financial Resources.