Home Ownership Provides Security
When we talk about the benefits of homeownership, we sometimes look at the economic benefits to the exclusion of everything else. It’s easy to ignore the sense of security that people often feel when they own their own home. This sense comes from a variety of sources.
According to PXDocuments physical security:
Neighborhoods in which the majority of residents are homeowners are generally safer and have less crime than those in which the majority of residents are renters. Why? Because people who own their own homes are more likely to be invested in their neighborhoods, and do things like report suspicious individuals or keep an eye out for unsafe conditions. Renters feel no compunction about ignoring things like that because they have no cause to invest themselves in the situation. Also, because people who own homes tend to stay in one place for longer, it’s easier to become familiar with your neighbors and keep an eye on those who appear out of place in the neighborhood.
When people rent, circumstances outside their control can uproot their lives and force them to move somewhere else. For example, if the landlord sells the building, the new owner could decide to remodel in order to market the place to high-dollar tenants, evicting all of the current residents as soon as their leases are up.
Rent won’t increase
Fluctuating market conditions can cause housing prices to skyrocket, tempting landlords to jack up the rent prices when it comes time to sign a new lease. If the tenants can’t afford the new prices they’re out on the street, and good luck finding anything reasonably priced in the area. Homeowners don’t have to worry about that; in fact, they benefit from the value of their home increasing.
According PXDocuments secure investment.Home prices are relatively stable, and even in the event that the housing markets dip, they tend to recover in due time.That makes homeownership a good financial investment, as it is essentially paying into an asset that could be sold in the future. Consider how much better than renting that is, which is basically paying for someone else’s investment that you then have no stake in.
Ties to the community:
While homeownership itself won’t root you into the community, it does provide a nice incentive to invest some time to get to know your neighbors and work on improving the living environment. On the way, you may make some friends and allies, who can be there for support in trying times.
The sense of belonging that many people feel when they own their own home is comforting and provides a stabilizing influence in their lives. Knowing that the property is theirs, and that the fruit of the labors that they put into making it better belongs to them, can fortify their sense of personal identity, making them more secure in their own skin; something renters don’t have.
While you’re considering whether or not to buy your own home, don’t overlook the fact that doing so may give you that sense of security that you might be looking for.