Sure, owning a home comes with big responsibilities: the financial commitment both pre- and post-purchase, costs associated with maintaining your home, and sometimes fees. But homeownership can also lead to lots of opportunities: the freedom to create a space that reflects you and helps support your goals for your family and finances.
Check out some of the liberties owning a home can bring:
Suit yourself. Want to upgrade your kitchen or get creative with the landscape outdoors? Not a problem when you own your home (But don’t forget to check with your Homeowners Association for some projects). Generally, you have the freedom to modify, build or repair the interior and exterior anyway you see fit. You can also do fun projects like paint walls and not worry about getting a landlord’s approval or having to change the color back to their original state.
Pet fee free. Landlords sometimes have a no-pet policy and rental communities often have a limitation on the type and size of pet you can own. While there are some condo communities with pet restrictions, homeowners by-and-large are have more freedom to choose the furry friends they live with; kittens, dogs of any size and guinea pigs are welcomed. And, no monthly pet fee or deposit required that often comes with renting.
A greener wallet. Owning a home can help build wealth. Homeownership can reduce the amount you pay in annual income taxes. And other benefits can present themselves, including receiving tax benefits for going green with solar power, appliances and energy efficient bulbs.
As we wrap up celebrating National Homeownership month, stay tuned for a look back at what homeownership means to people across the country.