Advantages to Home Ownership
1/16/2012 by Gary Gregg
There are many advantages for most homeowners. One of the most obvious is the ability to modify or improve the property to suit the needs and the taste of the homeowner. Even if you just want to choose your own interior paint colors or re-landscape the yard, you may be reluctant to invest the time and money to improve your landlord’s property.
However, if it is your own home, even extensive upgrades like remodeling a kitchen or adding a screened porch may make good sense and most likely will add to the property’s value. If it’s your home and you want to knock out a wall or add a swimming pool, have at it! You can customize the home—it’s yours. A future article will discuss which remodeling jobs add or detract from the value of a home.
A second advantage is knowing that you cannot receive a letter telling you that you have to move. You own your home. You have no landlord. If the home needs a repair, it’s your responsibility—but you aren’t at the mercy of a landlord who may not get around to fixing your problem for a while.
A third advantage to owning is a feeling of stability and belonging to the community. Homeowners are more likely to participate in school and community affairs and to take pride in how the neighborhood looks, in activities available to children, and in local politics that affect their lives. Homeowners are more likely to vote in elections, to volunteer and contribute to worthwhile events and charities. Perhaps it is because they feel more “settled” and renters feel more transient.
Realtors sometimes use the phrase “shows pride of ownership” when describing a listing. As a homeowner I can attest to the real sense of pride one has in a well-cared for home. Whether it’s a manicured landscape with flowering bushes or a tastefully painted exterior, you’ll enjoy the feeling. Become a homeowner, enjoy the advantages, and take pride in your home!