The Benefits of Owning a Home

Home is more than just a place to live; it’s a sense of security, happiness from loved ones, and comfort in the environment where you can truly be yourself. At Schlage, we understand the intangible feelings that can come with a “home.” That’s why we’re committed to helping people find the right home for them—an experience that can enhance their lives and help them achieve long-term financial stability.

Owning a house is one of the biggest milestones many people aspire to reach. It offers a wide variety of benefits that can have significant impacts on your personal and financial life, including building equity, stability, tax advantages, and the freedom to customize. However, homeownership also comes with a commitment to upkeep and responsibilities that should be carefully considered before taking on this major life change.

The primary benefit of owning a home is the ability to build equity over time. This is the difference between your home’s current market value and what you owe on your mortgage. In addition, real estate tends to appreciate over the long term, increasing your equity even further. Over the years, equity can provide a significant source of wealth accumulation that can be used to finance future investments or help fund retirement.

Historically, the housing market has provided stability and a steady source of income for homeowners. This is because when a homeowner makes a down payment on their purchase, they are actually making an investment that can pay off over the long-term. Furthermore, homeowners are able to enjoy the tax benefits of mortgage interest and property taxes, which can lower their overall tax burden.

Aside from financial gains, homeownership can foster a deeper sense of community and pride. This is because homeowners are more invested in the well-being of their neighborhood, which can lead to stronger social connections with neighbors and a greater sense of belonging. Homeowners are also more likely to participate in local events, groups, and initiatives, further contributing to a vibrant, connected community.

Purchasing a home is not for everyone, especially in every stage of life. For example, younger people may prefer the flexibility of renting until they have established career paths and have a stable income. In addition, changing life circumstances such as a job loss or a divorce can impact the feasibility of owning a home. However, if you’re ready to commit to a long-term relationship with your living space, owning a house can be a great option for families.