Kenny Guinn once said, “There is something permanent, and something extremely profound, in owning a home,” and I could not agree more. Owning a home brings a sense of fulfillment, permanence, privacy, and security, something that is less available when renting. It also imparts a sense of pride as it is an indication of success and achievement. There are also the economic advantages of owning a home. Equity, collateral, and appreciation of your home’s value are just a few. Both economic and social benefits come with home ownership as compared to renting.
The benefits of home ownership over renting are; it saves the cost of paying rent each and every month to the landlord/lady. Although owning a home comes with a monthly mortgage, the mortgage goes towards eventual ownership whereas the rent that is paid each month does not lead to ownership. This goes the same with services provided. Generally, when renting, other services such as electric and water are not included in the rent. With home ownership one has the ability to make upgrades to their home, such as solar lighting, which would save the money paid to a monthly electric bill. Moreover, rent generally increases every several years and a mortgage payment stays the same.
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Another benefit of home ownership as compared to renting is that it provides a base for collateral in order to obtain credit. One can confidently use their home as security to borrow money. Possessing your own home is a source of wealth and credit lenders use it to determine issuance of a loan. With renting one has nothing to show as the property belongs to someone else.
Home ownership allows you the freedom to decorate your house in any way you choose to. The rooms can be painted in any color, pictures and photos can be hung freely, artwork could even be drawn on the walls without worrying that your rental deposit refund will be chipped away. You are at liberty to redesign any corner of your home in any style that you choose, unlike a rental, where alterations are generally frowned upon.
Owning a home is also a sound financial investment. A house that is built or bought in a good neighborhood will appreciate with time. A smart homeowner will also make upgrades that will add even more value to the home. If the owner should ever decide to sell, in the right housing market, a profit could be made after selling the home. This is not an option when renting.
With home ownership comes the ability to pick the size of the lot that your house sits on. As a future homeowner, I would like a house with a large yard. I can then build a deck, install a pool, put a swing set up for my children, plant a garden, and have space for a dog. If I were a renter, all of these things may not be a possibility. Even the choice of pet ownership changes as a renter. There is usually a deposit to pay and guidelines as to the size of and what type of pet you can have. Rentals generally come with rules and home ownership comes with the freedom to do as one chooses.
Home ownership is often referred to as the American dream and rightfully so. There is pride and community in home ownership. There is a sense of financial achievement when it comes to home ownership. It is clear that owning a home is more favorable than renting. The importance shows in both the economic and social benefits that are gained.
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