Eight Less Commonly Mentioned Benefits of Home Ownership

You’ve already heard that owning a home can be a great way to build wealth and financial security and that there’s this mysterious thing called “pride of ownership” that makes it enjoyable to mow your lawn even when it’s 100 degrees outside. But the seemingly small benefits of living in a house that’s all yours instead of renting a hole in a box that belongs to someone else can actually have a bigger impact on your quality of life than you might expect.

Storage space: When you rent an apartment or condo, the only storage space you’re likely to have is whatever closet space is in the unit. Some apartments have supplemental storage, but you can’

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8 Responses to Eight Less Commonly Mentioned Benefits of Home Ownership

  1. fern says:

    While it’s true that a home offers more storage space for your “stuff,” a larger space also tends to encourage people to GET more stuff than they would if they didn’t have the space to store it. I think we need to get away from the mindset that we need a bigger space to store “stuff” and start thinking more about getting rid of “stuff” and living more simply.

  2. One of the best things I ever did was buy a home. It has its ups and downs. Ups when we had family come in from out of town or wanted to host a party for my kids and downs when the siding on the chimney rotted away! Sheesh, that was a lot of work.

    The tax breaks and the increase in value are physical benefits, but like you said, the emotional and lifestyle benefits are awesome. And if having more space makes you buy more things, the problem isn’t the house …

  3. Diane says:

    I’m sure it depends on what’s important to you, and the lifestyle you want. Some may like the freedom of being able to move anytime.

    Pluses for me:

    My house note is less than rent on a 1 bedroom apartment (I’ve been here 25 years and have refinanced.) Rent will go up and will never end, house payments stay the same and will eventually end.

    Also, though pets might not be important to some people, I like having a dog & a cat and a fenced yard for the dog.

    Space to garden is also a requirement for me. Some might consider it work – for me it is fun. Can’t do that in an apartment…

    Space for kids… to play, have friends over without bothering anyone – another plus for home ownership.

    Downside, you have to repair & maintain things yourself, or hire someone to do it.

    Overall, buying a home was one of the best things I’ve ever done as well!

  4. Texas Girl says:

    Every 10 years or so, the value of your house will double. After 10 years of renting what will you have?

  5. Christine says:

    Buying a house was the best move I made. My mortgage payment is lower than the rent on my last 1 bedroom apartment. I have much more space, a carport, washer/dryer, clothesline, any pets I want, garden and can repaint to suit my mood. It really helps to have some friends who are handy and will work for barter. An emergency fund is essential in case the a/c, furnace, hot water heater or fridge go out. You need at least $1k.

  6. Cindy M says:

    Great article and comments, and I agree 100%. I’d tell anybody not to be afraid, get as much room as you can afford that doesn’t need a lot of repair right this minute. My first house that I bought when I was 23 was no prize, was in a borderline safe neighborhood, had only 1 bedroom and no garage but had a decent basement and other possibilities, but my mortgage payments were $125 per month, believe it or not. It was fun and I felt so adult, ha-ha. People are so impressed. You build up your credit. I didn’t actually do a lot to it but managed to make out very well when I sold it 8 years later. You gotta focus on what you can afford and work up. You learn so much from doing it, I truly think even high school kids should be encouraged this way. In fact, I’d rather see kids focus on learning trades instead of incredibly expensive college educations with huge debt and big expectations when they graduate; it’s just not real. Would be great to see more incentives for younger people to do this kind of thing, clean up the neighborhoods and see the pride in the effort.

  7. fern says:

    No, you shouldn’t “get as much [house] as you can afford,” as one poster replied. You should get only as much house as you NEED.

    When will we ever get away from the mentality that more is always better?

  8. Jan says:

    Great article and good posts to start the old brain thinking about things in new and different ways. That’s why I love savingadvice.com.

    Thanks everyone for sharing your thoughts and experiences.

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