The jump from renting and apartment or house to owning your own home can feel like a massive plunge. Is it worth it? In a strong market, the trade off between cash for rent and a mortgage payment can be marginal. Responsibility for and cost of maintaining the property may fill that gap and make the move feel unnecessary. But there are rarely discussed personal rewards as well. Here are three reasons why homeownership is awesome!
The bottom line is, wherever you live, the money you spend to secure your space pays for somebody's real estate investment and provides income to someone. When you own your own home and make a mortgage payment, that someone is you. While that mortgage payment may not feel like income, what you are creating for yourself is equity in the property. Each payment means your investment is more and more in your favor. Over time you can utilize that equity to make other investments. That's awesome.
The first time you pull into the driveway of a your own house, you'll feel "at home" in a way that renting can never create. In the State of Maine it is said that your ownership rights are from the core of the earth to the highest heavens. Yes, the responsibilities are greater, but the benefits of those responsibilities are something you have worked for and created for yourself. Homeownership gives you roots. What you create from there is also yours. That's awesome.
One cost of ownership that might feel hard to swallow is property taxes. But along side the fact that these are tax deductible, there's an personal upside as well. When you own your own home, you become part of a community.You may or may not choose to be involved directly, but you are now a contributing member of the network that manages and defines your lifestyle.You are not visiting or temporary. You live there. Make of it what you will, but that's awesome.