I consider home ownership a smart, slow and boring way of wealth creation. I love it and will do it all over again in this life and another. Well first of all, one has to ensure that they purchase a home within their means and that they intend on living in it for at least the next 5 years. If you have all those boxes checked off, you are all set to increasing your net worth and create wealth passively over the years.
Here are some benefits of owning your own home:
- Homes typically increase in value over the years
- You create yourself a nice nest egg for the future
- You enjoy the pride of home ownership.
- You have a tangible asset to pass down to your children
- Receive tax incentives
- You can manage your monthly cost