Buying a home is one of the smartest investment decisions you can make. Despite being a huge expense you’ll likely be paying off for the next 10 years or more, it gives you added freedom, stability, and peace of mind. Here are five reasons you should entertain the thought of investing in a home.

 

 · Has Emotional Benefits

 

Owning your own home makes you more invested in the local community. It leads to the development of interpersonal relationships with your neighbors and creates a more reliable support system around you. By spending on a home, one also gets a sense of pride invoked by being a homeowner. Additionally, no landlord can kick you out of your own house (though if you go for long enough without paying on your mortgage, the bank will foreclose on the mortgage and seize your home). Investing in a home purchase plays a significant role in restoring one’s faith in their dreams and preserving it for decades.

 

 · Supplements Retirement Income

 

When buying a home, always think about your future. It can act as a storehouse for your retirement funds, and unless you’re buying after age 35, it’ll also be paid off by retirement. This will allow you to tap into home equity to fund your retirement benefits. Unlike rent payments that go straight to the landlord, mortgage payments are an investment for the future. The remaining balance on the mortgage is reduced, increasing your home equity and padding your retirement account. It saves you from spending your money on short-term expenses like rent that don’t give you value later.

 

 · Builds a Second Income Stream

 

There are many ways a homeowner can monetize their home. If there’s a basement with an outside exit, you could turn it into a basement apartment and rent it out. You can also rent out a spare bedroom, or even the whole house if you want to move elsewhere. A house doesn’t have to hold you to one spot, if you don’t want it to. Outside of the physical house, though, you also have the property you can potentially make money off of. Rent out part of the driveway to commuters, or create a large garden that people can pay to use, to grow vegetables and such.

 

 · Provides Freedom of Customizing Your Space

 

Have you ever rented a place and wanted to put up a shelf or paint the walls, but the landlord tells you no? As a homeowner, you can do whatever you want with your space. If you want shag carpet and fluorescent green walls, go wild. Knock down a wall (as long as it’s not load-bearing), and redo any room you want to. Decorate it in your style. You never have to worry about a landlord withholding a security deposit. This property is yours.

 

 · Buy More Permanent Furniture

 

Renters may have to constantly move, which can not only damage furniture but they also might have to get rid of some pieces of furniture if it doesn’t fit in the new location. Homeowners don’t have to worry about that though. If you want to buy a new end table, or a deck set for your backyard, you can do that. The only time your furniture will need to be moved is if you choose to move it. It’s all about your wants and needs.

 

Buying a home is an expensive endeavor. It’s a decision that should only be undergone by people who are financially able to handle it. Take stock of your financial situation. And if you’re on the fence about whether you should or not, if you can afford it, it’s an investment that is almost sure to pay off.