When talking with your friends or Tax Advisor about the benefits of homeownership, the typical financial bonuses are typically the star of the conversation. Many people will find both immediate tax benefit and long term financial growth from owning a home (check with a professional of course for your specific situation.) However, while financial reasons for owning a home are important, there are other less talked about benefits that may be worth considering when deciding whether homeownership is right for you.

A Place of Your Own

For many people, stepping foot into a home that they own feels different than walking into their rental. While it is true that home is where the heart is, there is no denying that walking into a home that you own feels different for a lot of people. Knowing that you can build roots in this space without the worry of a landlord or owner uprooting you against your will brings peace of mind and stability that can create higher satisfaction all around.

Freedom

ant to paint your room orange? Do it with no landlord pre-approval required. Think a purple front door would be grand? Go for it (assuming you have no HOA to check in with for outside changes.) You are free to let your imagination soar and decorate however you see fit. While there are still local regulations for how you go about remodels or structural work and permits, it is within your power to make decisions as to whether or not you want to change your space. Putting your own stamp on your home is exciting and affirming for a lot of people.

No Landlord Drop-Bys

Who likes the inconvenience of a landlord dropping by to inspect their investment? This can feel like an invasion of privacy to have someone snooping around your place to check up on you. Own a house and never deal with the landlord drop by again.

No Security Deposit

Know that feeling when you are moving out and leave the place in even better condition than you found it, and yet your landlord finds something to blame on you, trying to snake your deposit? Save yourself the headache of the fight and proof by owning your own home. You’ve got nothing to prove to anyone anymore.

Make Improvements

Make more permanent improvements without worrying about leaving them behind shortly after. Go ahead and plant that garden without fear of being kicked out. Yes, you can even plant them in the ground instead of moveable pots! Your space is yours to create and imagine with.

Family Home

Bring your kids home from the hospital to a home you can own for years and years. This is a big one for a lot of people. There is something about building memories in a home with your family that feels warm and cozy for years to come. Being able to remain in a home that holds such fond memories is a key emotional benefit to homeownership.

School District

By knowing what home you will live in during your children’s educational years, you are better able to predict and control where they will go to school and build relationships with friends. Your kids can have the opportunity to go to school with the same groups of kids throughout their school years.

There is a theme of stability and security that can come with owning your own home and building roots in your community. However, make sure that you are in a position to afford to buy a home without any trouble. The stress of owning a home that you can not afford can undermine many of the benefits that you get from owning in the first place. As always, stay aware and vigilant of your finances to help support a life that you love living.