Owning a home just feels good and rent to own is a great way to get into your dream home. If you haven’t watched our video or read the blog on rent to own, then please do so after this information.

The cool thing about rent to own is it’s an easy way to get into your home even if you don’t have enough money for the down payment or poor credit. Some savvy home buyers use rent to own to avoid real estate commission. It just makes sense to use rent to own in any circumstance.

Now that we have gotten rent to own out of the way, what are the benefits of home ownership?

1. Paying a Low Mortgage Rate. This one is an advantage of buying a home right now and does not necessarily apply to all time periods. Currently, we are experiencing some of the lowest mortgage rates historically offered While the price of homes may be going up, the low mortgage rates still make it a fantastic time to start your home ownership journey.

2. Hedging Against Inflation. One of the most significant financial benefits of owning a home is that it protects you during periods of inflation. What does this mean? It means that if you have a fixed-rate mortgage, the price you pay to have a roof over your head can’t change—no matter what happens to interest rates or the economy.

3. Saving Money on Taxes. There are a few tax breaks that can only be deducted if you are a homeowner. One of these is the interest on your loan.
When you sell your home, you will be able to avoid some of the taxes on the profit you make if you meet the ownership and residency requirements. You must have owned the home for at least two years or have lived in your home for two of the past five years you’ve owned it.

4. Building Equity. Equity is a word that gets thrown around often when talking about purchasing a home. Equity is the value of a property that you own. For example, if your home is valued at $250,000, and you owe $150,000 to the lender, you have $100,000 in equity.

5. Stability. Aside from the apparent stability of settling on a place to live and not having to worry about moving anytime soon, owning a home provides social stability. People who own homes are more likely to be involved in their community and build relationships with other people in the community, providing them with a solid foundation upon which to build their lives.

6. Forcing you to save. Paying a mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. This equity is essentially part of your net worth, so in a sense, you are preparing for your future without having to think about it too much.

7. Building a strong credit history. If you are consistently making your monthly loan payments on time, you are demonstrating to other lenders that you are a good borrower and the risk of you defaulting on a loan is small. This helps to build your credit, which can be helpful in the future when you may need other loans for buying a car, remodeling your home, or paying other major expenses.

8. Customization. When you own a home, you’re free to customize the home to your liking. Many renters have rules against pets, the color you can paint rooms, or changes you can make to the appearance of your house. When you own, you can do all the things that make a house your home without having to get anyone else’s approval.

9. Privacy. One of the greatest benefits of owning your home is the privacy it can give you. Living in an apartment, you might have to deal with thin walls and noisy neighbors, this is much less likely when you own a house. Sure, there can be the occasional noisy neighbor, but the area that separates you from them is generally a lot larger.

10. Pride of ownership. One primary advantage that homeowners report is the feeling of accomplishment that comes along with owning a home. Home ownership represents the American dream for thousands of families each year. This sense of stability is a major factor in many people’s decision to buy.