10 Benefits of Owning a Home

David Thackham April 20, 2021 | 6 min read
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From building equity to saving money on taxes, there are plenty of benefits of owning a home these days. Chances are, one of these top 10 reasons (or all of them!) will be why you decide to cut your rental lease loose.

If you were to ask 10 of your friends why they decided to buy a home, you might get 10 different answers. And they’d all be right!

Buying a home is often one of the biggest financial decisions a person can make in their life, but there are plenty of advantages to homeownership, other than a shiny, new set of keys and a welcome mat. Here are the top 10 benefits of owning a home that make your investment worth every penny.

Benefits of Owning a Home

1. Long-term stability

If 2020 taught us anything, it’s that there’s no place like home. Specifically, there’s no better feeling than knowing you have a reliable place to live, work, eat, and recharge without fear of a landlord canceling your lease, leaving you high and dry. Owning a home is the easiest way to guarantee real stability for yourself and your family. According to the National Association of REALTORS®, residents who are settled for the long haul typically have stronger ties to the community.

2. Ability to grow equity

There aren’t too many things in life that gain value the longer you own them: Homes are a rare exception! Instead of paying your monthly rent to a landlord or apartment complex, you could build your own home equity. Think of your home as a giant piggy bank: Each time you pay your mortgage, you’re growing equity! Since homes generally appreciate in value over time, you could sell your home for a profit if you decide to move elsewhere down the road.

Home Purchase Process

3. You could lock in a lower rate (or tap into cash!)

Whether you own your home for a short time, or for several years, you can make your mortgage work for you. By refinancing your home loan, you could lock in lower monthly payments if interest rates have dropped. You could even tap into the equity you’ve built to get cash for whatever you need, whether you’re interested in a home remodel, want to pay off debt, or even send your children to college.

4. Saving money on taxes

Sure, your monthly mortgage payment might be a little higher than paying rent at first (or not, depending on the purchase price of your house and down payment). But when you factor in tax benefits that only homeowners can access, the math changes. When you own a home, you could deduct mortgage interest, property taxes, and possibly even mortgage insurance premiums from your federal income taxes (and keep more of your hard-earned money).

5. Total control over your space

As a homeowner, your home is your canvas, and your imagination is your brush. Want to repaint the walls, remodel your master bathroom, or add a stainless steel island to your kitchen? No landlord is going to stop you! Best part? While some rentals prohibit pets, Spot is always welcome in your home. So go ahead and swap out flooring, fire up that grill, put in a pool, or bring home that Goldendoodle. As long as you follow your area’s laws and the rules set by your lender or homeowners’ association, if you have one, you should be free to make your space your own.

6. You can lock in stable monthly payments

If you’ve been renting for a while, you might have noticed that you’re paying more than you did a few years ago. That’s because many rental properties raise their rental prices by 3-5% each year. Wouldn’t you rather lock in an affordable monthly payment over the next 15-30 years? With a fixed-rate mortgage, you’ll pay the same monthly amount for the entire term, which makes budgeting a breeze.

7. Build a stronger credit history

What would you say if we said you could boost your credit score, just by doing what you already do each month with your rent? That’s right, when you own a home, you can improve your credit score just by making your monthly mortgage payments on time! That’ll come in handy when you look for a loan to buy a car, remodel your home, or pay for any other major expenses down the line.

8. You’ll enjoy plenty of privacy

Hate sharing a thin wall with a noisy neighbor? Owning a home puts real estate in between you and anyone else interrupting your privacy. So if you like to jam on the guitar or watch the big game with your friends, you’re likely not going to bother your neighbors like you would in an apartment or a duplex.

9. It gives you a permanent address

Renting is often seen as a “temporary” solution. Having a permanent home base can provide real emotional and financial peace of mind. When you buy a home, you won’t have to worry about nasty surprises if your landlord decides to not renew the rental lease.

10. Pride. You’re a homeowner now!

Renting is a good way to put a roof over your head, but owning a home gives you a sense of pride that can’t be beat. For as long as you live in your home, it’s YOUR property, where you can make memories, celebrate successes, hang out with friends and family, and mark the milestones that are important to you.


So, what did you learn today? If you’ve been telling yourself that *this year* is the year you finally become a homeowner, then we’re here to help make your dream a reality.

Ready to see what a home can do for you? Your first step should be to see how much home you can afford with our mortgage calculator! Once you’re done crunching the numbers, reach out to one of our knowledgeable loan originators to go over what’s best for your unique situation.

What are some of the benefits of homeownership that you’ve heard about? Keep the conversation going on Facebook or Twitter!

Ready to make moves?

One of our loan originators is standing by to assist you with your free rate quote.
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About the Author
David is a Copywriter at Cardinal Financial. After several years working as a multimedia journalist throughout the Southeast, David now enjoys helping highlight what makes Cardinal—and our people—special. When he’s not writing, he can be found immersed in social media, playing soccer, or watching movies. He lives in South Carolina with his wife and 3-year-old toy poodle.