Top 5 benefits of home ownership

October 14, 2014

Find out why buying a house could be the best decision you ever make: here are the top 5 benefits of home ownership.

Top 5 benefits of home ownership

1. Paying into your home

When you pay rent on an apartment every month, that money is gone forever. In contrast as a homeowner, you are essentially paying yourself to live in your home.

  • While there is interest paid to the bank, this is typically offset by the increased value of your home through market interest and home improvements.
  • Owning a home is a good, steady hedge against inflation because typically, a home’s value will keep ahead of the rate of inflation by as much as 1 to 2 per cent annually.

2. You can customize it

For renters: interior design typically involves hanging up a few pictures and painting (if you so dare).

  • While painting the walls to your preferred colour may seem like a great idea at the time, you may not enjoy repainting at the same time you are planning your next move.

As a homeowner: a house is your canvas; you can paint the walls, drill holes through them, even tear them down to increase floor space.

  • Best of all, these modifications often add value to your home, while also making your property more attractive to future buyers.

3. Financial security

While you should never take out a home equity loan to pay for a vacation to the Bahamas, having equity in your home does mean you will have the ability to get out of a financial crisis.

  • Many people use a home equity loan to cover an unexpected medical expense or home renovation.

4. Privacy

One of the best things about owning your own home is the privacy.

  • In an apartment, you’re not just sharing walls, you’re also sharing your life with others — often unintentionally.
  • While you’re probably a sociable person, it’s also likely that you don’t enjoy the combined sounds of country music, loud televisions, slamming doors and other things that go on beyond closed doors in an apartment.

5. More space

Remember, an apartment is just a place to live, not a space to love. If you choose to purchase a home, you’ll enjoy the increased area — both inside and out.

  • Houses in Canada are some of the largest in the world and are designed for maximum comfort.
  • On the outside, you also have free reign to make landscape modifications, put in a swing set or keep your pets in a fenced-in area.

Privacy, design options, increased space and financial equity are just a few of the benefits of home ownership.

  • If you’re in the market to purchase, you’ll notice that each property has its own little perks.

The best way to find the right home for you, or your family, is to speak with a real estate agent about your likes, dislikes, preferred location and budget.

The material on this website is provided for entertainment, informational and educational purposes only and should never act as a substitute to the advice of an applicable professional. Use of this website is subject to our terms of use and privacy policy.
Close menu