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This economy has wrecked havoc on people's finances, confidence, and biggest investment, their homes. Owning a home is smart, makes sense, and involves planning. There is good debt, and there is bad debt.  Owning a home is considered good debt.  Credit cards, department stores, luxury cars you can't afford are all bad debt. That said, it is wise to own and kept property we have sacrificed, sometimes everything, to get.  

There are many advantages to owning a home. Two main reasons:  a) you have the opportunity to invest your money by building equity, and b) you can take advantage of the tax breaks by writing off the interest on the loan.  Some additional reasons why it makes good monetary sense to buy and own your home  

You Establish Credit: Homeownership allows you to establish financial trustworthiness. Your continuous payment on a mortgage will raise your credit rating, and will assist you in the future when you apply for other loans.

You Invest in Your Future: With a mortgage, you are paying off your loan.  It may only be a little amount, but after a few years, you will build up equity in your home.  Usually homes increase in value – adding to your equity and creation of wealth.  Any improvements you make will also usually add to the overall value of your home.  

You Have Pride of Ownership: You can take satisfaction in being a homeowner, feel good about your home improvements, and take pleasure in getting involved in your community.  

You Have More Stability: Being a part of a neighborhood makes you feel like you belong to something bigger than you, and gives you a sense of stability.  When you are the owner you have a voice in the affairs of the community.  

However, with homeownership comes responsibility.  Part of being responsible is planning for your home purchase.  That means saving not only for the down payment, but saving to have an emergency or reserve fund.  Anything can happen when you get into a home, so you want to make sure you are prepared for the unexpected.  For example, a home repair, job layoff or an unexpected bill that comes in.

Homeownership is a blessing if you prepare for it by having an emergency fund, not purchasing more house than you can afford, and knowing what to expect and what your responsibilities are as a homeowner.  

Has homeownership been a blessing or curse for you?

Sharman Lawson a columnist on Fabulously40, and a financial coach, speaker, and author of the book 12 Steps to Eliminate Debt Forever! Visit her website: [Link Removed]

Sharmanl, Your links have been removed, please consider upgrading to premium membership.


Member Comments

    • 0 votes vote up vote up

      (華娃娃) ChinaDoll wrote Mar 15, 2009
    • Owning a home is a blessing.  Like what you have mentioned, building up equity, and tax write off.  I cannot see myself renting again.  Even if I have to down size, I will purchase a condo rather than renting.  

      I was told we needed to have at least 3 months of mortgage in reserve.

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    • 0 votes vote up vote up

      Polly W wrote Mar 15, 2009
    • Well, I own a home—-my rent can’t be raised.
      I have a yard of my own.
      I don’t have to ask to plant flowers. I don’t have to get permission to plant a tree.
      Nobody is in my business—like a landlord.
      I wont be paying rent when I’m 60. Just taxes. Sounds good to me.
      I can sit in my backyard in my underwear and read a book if I want. I can make noise. I can have a pet. Hell, I can have two or three.

      Tax writeoffs have little to do with why I own, I would own if I didnt get a tax writeoff. It makes sense. I dont want to be paying rent when I am 60. I want to semi retire and I can. Rent will likely be 1000k a month by that time, and that is for a decent place in a low rent town. I cant imagine what it would be in a high rent town.

      Sure you have to pay for repairs, but if it weren’t one thing, it would be another. Some landlords don’t even bother to fix things when you rent. I lived in an unheated apartment once when the landlord wouldnt fix the heat. I broke my lease-

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    • 0 votes vote up vote up

      Denise Herich wrote Mar 19, 2009
    • a definite blessing.  With a home, location can sometimes be everything...and timing, for sure.  we’ve been lucky enough to (over the years) buy homes in the right place and at the right time that they appreciated well.

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    • 0 votes vote up vote up

      Mary Clark wrote Mar 22, 2009
    • Owning your home is a blessing and I ditto to all the things mentioned above.  

      But according to the book “Rich Dad Poor Dad“...I think it was in that book that I read...owning a home can also be your biggest liability.  

      Right now with the economy the way it is....for some people...“renting” is the way for them.  I saw a news program not long ago where the couple was able to sell their house and for whatever reason (I can’t remember) decided to rent a home instead of buying one.  The home they rented was very nice and they enjoyed living in it.  I think they couldn’t have ever afforded buying it..soemthing like that.  

      I think it just depends on your situation right now.  

      Mine will be paid off in 9 years.  I can’t wait.

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    • 0 votes vote up vote up

      Enfuego2 wrote Mar 22, 2009
    • It has been a blessing. We are fortunate enough to have worked very hard, lived well below our means,and saved enough money to pay cash for a home in California. We are in the minority of “true home owners“. At the end of the day, our family of 5 has a roof over our heads through good times and bad.

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    • 0 votes vote up vote up

      Denise Alleyne-Hill wrote Mar 24, 2009
    • It has been both for us...We are being bombarded with phone calls right now because of the new bill that has been passed for people who are basically upside down on their mortgages and we definitely fit into that category...

      The economy has my family and I scared that we might lose our home, but we‘re trying to hold onto God’s promise...We just fired one company and hired another to see if they can help us get out of this mess we‘re in...

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