The Benefits of Owning Your Own Home

“Home is the nicest word there is.” - Laura Ingalls Wilder

There are many reasons why people buy a house to live in. For many in today’s economic environment, the opportunity to increase one’s wealth is the only consideration. There are other reasons, just as important as wealth growth.

Owning a house for most is the biggest commitment, emotionally, timewise, the level of energy, and financial obligation, a person will make in their lifetime.

Self Esteem.

There is truth in the saying, “my home is my castle”. I remember when we as a couple bought our first home. My feeling back then was one of elation. Expressing it another way, I was cock-a-hoop. It was a wonderful thing to say to people, “yes that is my house”. Being able to say it, really adds to one’s confidence and self-belief.

You are Your Own Landlord

How you maintained your property, what rules or values you set about your house are entirely up to you. Want pets, want to paint the house, add a BBQ area, improve the whole property, no problem. Self determination for you and your family. Then a house becomes a home.

Community

Living amongst other homeowners tends to lead to a safer more peaceful community. You can choose to mix and mingle with neigbours or not. You will find others who share your values in beliefs and general societal expectations. Each generation will at some point achieve the goal of being mortgage free. Whether you achieve that goal or not, it is the journey of commitment to yourself, your family, your home and the various institutions that contribute to the wellbeing of the nation.

Health

It is not considered, unless you or a family member makes it imperative that the environment, must be at the top of the list where you choose to buy, for health reasons.

Financial Commitment.

Making mortgage payments every week or month goes hand in hand with having a regular income to cover the mortgage and all the other cost of living expenses. The days of a single income being able to pay the mortgage and meet living expenses, for most, are long gone. At the minimum, two incomes are required. Often even two incomes are insufficient, at least half the population will earn less than the national average salary. Two incomes of the national average salary, in most western counties,

will have trouble making the weekly mortgage payment.

Summary

There are major benefits to the individual, families, society and the nation when the population is housed. The current market system is not working for new homeowners and those who have owned homes for a few years. Homeowners, those with children, their position is even more dire. No amount of government subsidy, though welcome, will overcome rampant market conditions. The system must change.