Purchasing a home is often considered an exhilarating and financially rewarding opportunity, offering numerous health benefits as well. While the long-term and short-term advantages of home ownership can financially secure your future, the benefits extend well beyond having a place to live. Below are the top 6 benefits of home ownership.

1. Stability in Housing Costs: Homeowners can choose from an array of mortgage options, ranging from adjustable-rate mortgages to 10, 15, 20, and 30-year fixed-rate mortgages, where the interest rate is locked for the entire term. It is common for homeowners to choose extended mortgages without pre-payment penalties, allowing them to pay down the loan earlier with bi-monthly payment plans or an annual lump sum contribution towards the principal. This strategy drastically reduces the loan timeline while providing flexibility during lean years. Additionally, homeowners avoid the anxiety and stress associated with annual rental increase notices.
2. Appreciation and Equity: Two factors determine equity: increased value, also known as appreciation, and equity built with each mortgage payment. Amortization is the systematic principal reduction that occurs with each monthly house payment. Numerous calculators are available for those interested in determining how quickly equity can accrue by making additional monthly or annual principal payments. Bankrate offers a user-friendly amortization calculator with optional payment scenarios. While renters continue to line the pockets of their landlords, homeowners benefit from increased property value based on appreciation. The long-term historical index of appreciation averages approximately 4%, but there have been years when Ohio homes sold with an appreciation rate well over 20% in a short period.
3. Tax Deductions: Home ownership offers several tax benefits that contribute to long-term financial stability, including itemizing deductions for interest, property taxes, and certain energy credits that may be significantly greater than the traditional standard deduction. Additionally, taxpayers who meet certain occupancy and use requirements benefit from a capital gains tax exclusion of up to $250,000 for single taxpayers and $500,000 for married taxpayers at the time of sale.
4. Higher Credit and Insurance Scores: Credit affects insurance premiums, and historically, homeowners have higher credit scores, resulting in higher credit ratings and lower insurance premiums. Saving money adds value to home ownership, as homeowners can apply the savings directly to principal payments, enabling them to pay off the mortgage and build equity faster.
5. Freedom to Personalize the Home: One of the most rewarding benefits of home ownership is the freedom to personalize it. While tenants must seek permission from landlords for upgrades and often return the property to its original condition before moving out, homeowners can customize, decorate, remodel, and upgrade the home to suit their needs. Renovating the home adds both enjoyable and financial value, increasing equity and benefiting the homeowner with a greater profit margin when it is time to sell.
6. Health Benefits Derived from Owning a Home: Habitat for Humanity conducted a study to evaluate the health benefits of owning a home. While the study focused on affordable housing, the benefits apply to homeowners across the financial spectrum. Some findings include:
   • 65% reported better physical health in the Greater Cleveland Habitat for Humanity’s homeownership impact survey.
   • 80% of children’s grades improved, and 41% of adults completed an educational or job training program, according to Chatham Habitat for Humanity in Pittsboro’s 2021 homeownership impact survey.
   • 94% of homeowners now feel safe in their homes, and 98% said that owning a home improved how they felt about themselves, according to Habitat for Humanity East Bay/Silicon Valley’s 2021 social impact study.
   • 57% of families have more savings, and 48% feel more connected to the community, according to a survey of Habitat for Humanity Greater Sacramento’s first 100 families.

When the time comes to sell your home and realize a financial gain on your investment, it may be prudent to consider utilizing an Ohio Flat Fee MLS Listing rather than going the traditional route.

Selling your home on your own without the assistance of a traditional service Real Estate Brokerage will require both commitment and due diligence for which you may be rewarded by saving thousands of dollars in commissions. Maximizing marketing exposure is key. We have SOLD over a BILLION DOLLARS in Real Estate & Saved Sellers MILLIONS OF DOLLARS in Real Estate commissions. Please contact our team to learn how the For Sale By Owner Flat Fee MLS Listing Options at Ohio Broker Direct will enhance your marketing exposure to ensure a more expeditious sale, yielding a higher price with better terms that suit your specific needs. Reach out to us directly, visit our blog page or sign up for our newsletter to receive the latest information to ensure you have the knowledge to maximize your profit.