Improvements increase your home’s value.
A homeowner can also increase a home’s value through home improvements, thus making it more comfortable and enjoyable while growing its loan-to-value (LTV) ratio. For instance, adding a bathroom or finishing a basement substantially increases the property’s functionality and appeal, potentially boosting its value.
Tax advantages of home ownership.
Significant tax benefits are associated with buying a house, both at the time of purchase and for the duration you own the home.
Ownership rights and creative freedom.
You’re decorating and home-improvement choices are yours, provided they don’t break building codes or violate homeowners’ association rules. You can paint the walls any way you like, add fixtures, update or finish your basement, or build a patio or deck. Changing your environment to suit whims is a freeing aspect of homeownership.
A sense of belonging to the community.
Homeowners tend to stay in their homes longer than renters and are more likely to establish roots. They might join a neighborhood association, volunteer at a nearby community center, participate in a school group, or affiliate with a business improvement district. Renters might not do any of those things, particularly if they know their lease is up in a year and they might move. An intangible, pleasant feeling is associated with owning your own house — a sense of freedom and independence. Your home belongs to you, and you can do with it as you please. You aren’t
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