Some of the benefits of owning your own home include:
- Enjoy the freedom of doing your own renovations, which can include: painting rooms with different colors, knocking down walls to expand a room, redoing your yard, nailing up your favorite artwork, customizing your own media room, renovating the kitchen, upgrading your bathrooms, not to mention all the other possibilities you gain from owning your own home, where you make all the decisions.
- Build your own equity instead of paying your landlord.
- Paying off your own mortgage acts as a forced savings plan, meaning you must pay into it every month and a percentage of each payment goes towards principal. In turn this converts to equity, which can be converted back into cash returned to you through a cash-out refinance or through selling.
- Mortgage interest is tax deductible which may help lower your taxes owed.
Enjoy your day of independence and consider gaining financial independence by owning a home!