Still Renting? The Financial Benefits of Owning a Home

There’s no place like home. It’s a place for family; a place to make lifetime memories- and a place to bring in the bucks. From the tax benefits, to good ol’ fashioned financial stability, the financial benefits of home ownerships are obvious. Here are a few of the many financial benefits you can reap from owning a home.

1. Home ownership builds wealth overtime
Were now in a “new market”, and it’s time to revisit the idea of buying a home as financially saavy. Our parents grew up on this idea, their parents knew this to be true. It can be a canny financial move – but only if you can afford the home. Stick to a home that you can afford and gradually build wealth.

2. You Build Equity every month
Every payment on your home gets you a little closer to owning it. Each payment builds up the equity your have in that property. If you only rent, you’re simply paying to rent the space, and not building any equity in the property that you could potentially borrow from in the future.

3. Forced Savings Account
Paying that mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. In a sense, you are being forced to save

4. Owning is cheaper than renting, in the long run
In the first few years, it may be cheaper to rent. Over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You gotta live someplace, so instead of paying off your landlord’s home or building, pay off your own!

These are just a few of the many financial benefits you can reap from owning a home. Is it time to reconsider renting and start thinking about becoming a homeowner?

Tembo Financial provides our customers with the most suitable finance solutions to fulfill their needs. We understand the complexity of selling your home and moving, and realize it can be a stressful and expensive process. It is our goal to help you alleviate some of the stress! Connect with us today at