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Purchasing a home is often considered to be an exhilarating and financially rewarding opportunity which has been proven to offer numerous health benefits as well! While the long term and short-term advantages of home ownership may financially secure your future, the benefits extend well beyond having a place to live. Below are the top 6 benefits of owning a home.

  1. Stability in Housing Costs:

Homeowners can choose from an array of mortgage options ranging from a variety of adjustable rate mortgages to 10, 15, 20 and 30 years fixed rate mortgages, in which the interest rate itself is locked for the entirety of the term. It is common for homeowners to choose extended mortgages without pre-payment penalties, reserving the right to pay it down earlier with bi-monthly payment plans or an annual lump sum contribution towards principal only. This strategy drastically reduces the timeline of the loan itself while allowing the homeowner flexibility with the option not to make additional equity payments during the lean years per se’. Additionally, homeowners do not have the anxiety and stress associated with annual rental increase notices.

  1. Appreciation and Equity:

Two factors determine equity: increased value, also known as appreciation, and equity in which each mortgage payment builds equity in the property.

Amortization is the systematic principal reduction that occurs each time a homeowner makes their monthly house payment. There are numerous calculators available for those who are interested in utilizing such tools to determine how quickly one can accrue equity by making an additional monthly payment or annual principal payment. Bankrate offers an amortization calculator that user friendly with optional payment scenarios.

While renters continue to line the pockets of their landlords, homeowners also benefit from increased value based upon appreciation. Appreciation is the increase in value of a property over a period of time. While the long term historical index of appreciation averages approximately 4%, there have been years in which Ohio homes sold with an appreciation rate well over 20% in a short period of time.

  • Tax deductions:

There are several tax benefits of home ownership that contribute to long-term financial stability ranging from 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 will benefit at the time of sale with a capital gains tax exclusion up to $250,000 for a single tax payer and a cap of $500,000 for tax payers who are married.

  • Higher Credit and Insurance Scores

Credit scores impact Insurance premiums,  and historically speaking, homeowners have higher credit scores resulting in higher credit ratings which often benefit the homeowner with lower insurance premiums. Saving money adds value to the concept of owning a home as the homeowner can take advantage of applying the savings directly to principal payments. This enables the homeowner to pay off the mortgage and build equity even faster.

  • Personalizing the home:

One of the most rewarding benefits of home ownership is the freedom to personalize it. While tenants are required to seek permission of the landlord to facilitate any upgrades and are often required to return the property back to its original condition prior to moving out, homeowners have the opportunity to customize, decorate, remodel and upgrade the home to suit their own needs. Renovating the home often adds both enjoyable and financial value to the property further increasing equity and benefiting the homeowner with a greater profit margin when it is time to sell.

  • Health benefits derived from owning a home:

Habitat for Humanity facilitated a study to evaluate the health benefits of owning a home. While their study focused on affordable housing, it is logical to conclude the benefits derived from the study apply to homeowners across the financial spectrum. Some of the 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, Chatham Habitat for Humanity in Pittsboro found in a 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% of families feel more connected to the community, a survey of Habitat for Humanity Greater Sacramento’s first 100 families found.

When the time comes to sell the home and realize a financial gain on your investment, it may be prudent for a homeowner 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. I have been in this industry for 4 decades, have SOLD well 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.


Joan Elflein, Broker / Ohio Broker Direct Ohio Broker Direct & its Brokers or Associates assumes no responsibility or liability for any errors or omissions in this blog, we advise all participants engaged in the buying or selling of Real Estate to enlist the services of a Real Estate Attorney.

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