Purchasing your first home is a huge milestone for anyone. Owning real estate is full of obvious benefits such as building equity, not having to worry about the more volatile rental market and putting down roots.
Buying a home is certainly a strong financial asset, but did you know buying a home has some less obvious side benefits? Below are just a few of the perks that you will enjoy along your journey as a homeowner:
One of the most obvious perks of buying a home is that it helps you build credit. Additionally, real estate is considered a huge asset and shows that you are a responsible borrower. Lenders will be much more inclined to approve future business, automotive or personal loans when they that you are a homeowner. This is definitely to your advantage when it comes time to add on that spare bedroom, renovate the kitchen or start that side business.
Hedge Against Inflation
An often overlooked financial benefit to owning a home is that it acts as a hedge against inflation. Consider this, if you have a fixed rate mortgage the price you pay for housing will never change. No matter what happens to the economy or interest rates, the cost of your home is locked in for the full term of your loan. Rent prices are on the rise nationally and locally, so this is a huge asset.
Not only does owning your own home offer you the chance to feel pride in what you’ve accomplished, but it allows you the opportunity to firmly plant roots. With these roots you can establish a deep connection to the community. Purchasing a home is also your first step toward paying off a home, which is an incredible feeling.
Creative and Personal Freedom
When you own your own home you’re no longer at the mercy of a landlord or restrictive leases. You’re free to start whatever home improvement projects you’d like, whether it’s converting a spare bedroom into a dark room for your photography hobby or painting your bathroom a more interesting color than “white” or “off white.”
Owning a home is also a huge boon to pet lovers for obvious reasons.
If you’ve purchased a single family home you no longer have to worry about being quiet past certain hours or if your upstairs neighbor is going to have a fussy baby to deal with that night.
Buying in a new location allows you the exciting opportunity to expand your horizons. Meet your new neighbors and start a new dinner club. Try the new Italian restaurant down the road. Explore a new park or mall. No matter what neighborhood you buy in, even if it’s just right down the road, chances are there will be plenty of opportunities for you to get to know a whole new world around you.