When renting, landlords usually don’t like it when you paint the walls or change the landscaping at an apartment.
But when you own a home, you have the freedom to truly make it yours. If you are new to home-improvement projects, start small by painting a room or changing the fixtures.
Then as you feel more comfortable with your renovation skills, you may be interested in larger projects like a kitchen remodel or new hardwood floors.
The best part: When you’re a homeowner, you always have a canvas.
-A place to settle down
Moving is a long, stressful, and often expensive process. By purchasing your own home, you have a place to stay for as long as you’d like.
Think about where you see yourself in the future and consider the following:
- How do you feel about where you live now? Do you like it enough to spend the next 5-10 years there?
- Do you want to have a family? How large of one?
- Do you want pets or need a fenced-in backyard for your new dog?
- How far is your commute?
Buy a home that will be able to accommodate your needs now and in the future, from bedroom space to acreage. This will give you the peace of mind knowing that you always have room to expand—just be sure not to overspend.
The best part: You have the opportunity to grow some roots in your community.
When you pay rent to your landlord or apartment complex, you never see that money again. It simply guarantees that you have a place to stay for the next month.
When you own your home, every mortgage payment builds equity. If you stay in your home long enough, you may even pay it off completely.
The best part: The accrual of wealth through your home will help tremendously as your near retirement.