10 Amazing Benefits of Homeownership
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Fun fact: according to Bankrate, over 72 million millennials have gone into homeownership. What’s more impressive is that 81% of millennials under the age of 30 are buying their first homes! People are wondering why so many of them are going for homeownership. Could it be that it leads to something special?
The answer is a resounding yes! From building wealth and stability to enjoying tax benefits, homeownership offers a lot of advantages. If you’re still on the fence about investing in a new home, it’s time to take that next step. To help you understand why, here are ten amazing benefits of homeownership!
1. Stability
The first perk of homeownership is the ability to settle down. While renting lets you roam around and move freely, there comes a time when you’ll want to stay rooted. By owning a property, you can choose when and where you’ll stay for the rest of your life. The best part is that it won’t just be a building; by becoming a homeowner, you’ll find a place wto make lifelong memories!
2. Tax benefits
Becoming a homeowner isn’t just a lifestyle change; it can also provide you with some nice tax benefits. For example, you can qualify to deduct mortgage interest and property taxes from your federal income tax. With the right plan, you can get deductions of up to $10000!
3. Investment opportunities.
Having a place of your own means that you now have an asset in your life. Like any other asset, you can invest in them to be more valuable over time. Through this process–which we call “appreciation”–you can make the price of your home more fruitful and worthwhile in the future. Plus, if you eventually do decide to sell your home, you can earn more than you spent on the place!
4. Control over expenses
Being a homeowner is as much of a responsibility as it is an accomplishment. One of the tasks you have is maintaining and managing your own expenses at home. This includes the costs of mortgage, construction, remodeling, and more. Sounds like a nightmare, doesn’t it?
The good news is that being a homeowner lets you control your expenses. With a proper budget and discipline, you can shape your financial habits. For instance, you can learn to cut down impulse buying to save for mortgage. This way, you’ll be able to balance all these payments while protecting your finances!
5. Privacy
There’s nothing quite like having privacy in your own home. By becoming a homeowner, you can feel more secure and comfortable living there. Plus, you can choose if and when you want to change anything about the house, such as adding extensions or renovating the rooms. It’s your space, after all.
6. Sense of achievement and community
Many people, especially millennials, believe that homeownership is a badge of honor. According to Kantar, 90% of millennials think that owning a home is a sign of success. By becoming a homeowner, you can feel a sense of pride and accomplishment. It’s not an easy life, but it is a worthwhile one!
7. Personalized living and housing
Being a homeowner gives you a huge amount of control. Because you’re the master of the house, you can change and modify it to fit your lifestyle. For instance, green thumbs can enjoy a spacious garden and plenty of indoor plants. Meanwhile, family heads can have a relaxing crib and a playroom for their kids. Whatever lifestyle you have can be translated into the design and build of your own home!
8. Protection against inflation
Earlier, we mentioned that the house is a great investment opportunity. What you might not realize is that it is also a great way to protect yourself against inflation. With fixed-rate mortgages, you can avoid the hassle of increasing your paying price. This way, you develop a hedge against rising costs and keep your house as an asset.
9. Equity and return on investment (ROI)
Houses aren’t just a good hedge against inflation; they’re also a great way to build equity and return on investment (ROI). Over time, your mortgage payments grow the equity of your household and allow you to access loans. If you do this while maintaining or improving your house, you can eventually sell at a higher price than when you bought it.
10. Familial legacy and protection
Lastly, homeownership allows you the chance to build a family and leave a lasting legacy. Having your own place means you can provide your loved ones with a safe haven. Kids and pets can grow and build precious memories alongside you. Even after you’re gone, the house can be passed down and shared by future generations. In other words, your house also becomes a part of your identity and your family’s history.
With all these benefits, you might be chomping at the bit to get your own house. However, you’ll want a trusted guide to help you find the best properties for your needs. That’s where Urb & Lux comes in! Our team has handled over 500 open houses and sold over 400 properties to longtime residents and fresh faces in and around Los Angeles. We know the city like the back of our hand. From market reports to local landmarks, we know where to look to find your dream home. To get started, click here to reach out to Urb & Lux today and make your homeownership dreams into reality!
- Atlantic Bay Mortgage Group. (2021, June). Top 5 Advantages of Homeownership.
- Craft, D. (2023, May 4). 69+ Homeowners vs. Renters Statistics: How Many Americans Rent? Worth Insurance.
- Esajian, J. Accessed on May 30, 2023. 15 Benefits Of Homeownership You May Have Never Considered. FortuneBuilders.
- Kantar. (2022, November 17). For Millennials, home is where the heart aches?
- Majaski, C. (2022, July 30). Renting vs. Owning a Home: What’s the Difference? Investopedia.
- Ostrowski, J. (2023, May 12). Millennials and homebuying: Real estate adapts to the largest generation. Bankrate.
- Selzer, D. (2023, May 25). How’s the market? The tax benefits of home ownership. The Ukiah Daily Journal.
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