Whenever you talk to someone or read an article about buying a home, all you ever hear about is the financial benefits of owning a home over renting a house. While the benefits of owning vs. renting are mostly financial, there are still many other benefits that people seem to overlook. Here are five non-financial benefits that will help you in the age-old debate, “To own or rent.”
Sense of Pride
This is probably the #1 reason that most homeowners will cite when asked what they think the benefits to owning a home is. One of the biggest achievements in life is home ownership, and a nice beautiful home that you can call your own is about the biggest purchase you can make in your life. In fact, most people consider owning a home the American Dream. When you purchase your first home, you will enjoy a deep sense of pride and accomplishment.
If you have rented at all in your life, you know how constricting it is to live in a home owned by another person. You have to ask them to make any changes, and most of the time you won’t be able to decorate the way that you would like. Even things like drilling into a wall to install a baby gate can be violations of your lease, but with your own home you can drill into as many walls as you would like!
When you buy your home, you own it for good as long as you make your payments. When you are renting, the owner can sell the house you are living in and the new owner may want to change the rental arrangement or chose to live in it themselves.
Owning a home in a good school district will help get your kids started in the right direction, and studies have shown that children who live in a home that the parents own actually do better in school!
This plays on your emotional side, but many children who were raised in one home their whole childhood have great memories of that home. You are probably like others and want to build a family in a home and make memories that will last a lifetime. When your children grow up, you can take them around the house and share memories, like the writing on the wall to show how much they grew over the years.