“When you own a home, you always have a place to stay”

June is National Homeownership Month. 

While achieving homeownership may feel like a daunting task (especially first time buyers), knowing the many benefits associated with owning a home can help you stay motivated to one day reach your homeownership goals.

For this reason, we decided to compile a list of some of the most compelling reasons why you should strive to become a homeowner. 

Want to know what they are? Keep reading here. 

1. Building Equity: Equity refers to the difference between the market value of your home and the amount you owe on your mortgage. When you make your mortgage payments, you build equity in your home – this works like an investment, or a long-term savings account. Equity can be used to help finance major expenses, such as education, home improvements, or even retirement. With renting, you do not build equity, or receive any return on the money you pay in rent.
2. Financial Benefits: When you own a home, you are typically able to deduct mortgage interest, property taxes, and other home-related expenses from your income taxes. Perhaps the most deterring part of the homebuying process is how expensive it is to buy a house – these tax deductions can help offset the initial cost of buying a home, as they add up to significant savings over time. 
3. Safety & Stability: Owning a home means having a space that is always there for you, even as other aspects of your life change. Having a mortgage provides the stability of knowing exactly how much money you will be paying each month, unlike with renting where your landlord may increase your rent amount or refuse to renew your lease once it is up. You can anticipate what you will be paying in mortgage payments far into the future.
4. Independence: One of the most underappreciated aspects of homeownership is the independence it gives you. For one, you have the freedom to customize your home to your liking when you own it. You can paint the walls or renovate the kitchen without having to ask for permission from a landlord. This can help you not only create a living environment that reflects who you are, but also to increase the value of your home through DIY projects/renovations. Additionally, you are able to host events whenever you like, get pets, and do anything else that may have been restricted in rental situations. You are free to live your life how YOU want.

Pam Petty, one of our expert housing counselors at St. Ambrose, shared with us some of her input about the most influential benefits of homeownership. “For a lot of people, it’s the ability to have your own place. You are able to do what you want to do, and have an affordable housing payment that doesn’t constantly go up,” she explained. Pam expanded more on this, saying “When you own a home, you always have a place to stay. You know what the payment is going to be. It’s yours – you don’t have to worry about a landlord saying ‘we’re moving’ or ‘we’re selling the unit’ or ‘the rent is going to go up by $100.’” Pam finished by emphasizing, “There is asset building, too. Asset building and stability – these are the two key benefits of being a homeowner.”

These are just a few of the many reasons why you should consider striving for homeownership. St. Ambrose’s HUD-certified Housing Counselors are here for you at every step of your home buying journey.