By Berry Everitt
Owning a home is a significant milestone in anyone’s life but for women especially, it provides many benefits in addition to long-term financial advantages, and in Women’s Month, it’s a good idea to review some of the most important ones.
First, owning a home offers a level of stability that renting just cannot match. Homeowners are free of the uncertainty of lease renewals and rent increases and this security of tenure is particularly beneficial for women who need a safe environment in which to raise their children and create a long-term home.
Second, one of the most fulfilling aspects of homeownership is the ability to personalise and modify your living space as you wish. Owners are free to make any additions such as an extra bedroom or improvements such as the installation of solar power that enhance their quality of life. This control over one’s environment fosters a sense of pride and satisfaction.
Third, homeownership often leads to a greater sense of community and belonging. Homeowners are more likely to invest time and resources into the areas where they live and thus foster stronger social ties and a supportive community environment. This sense of belonging definitely enhances one’s quality of life and can provide a valuable support network.
Further advantages of homeownership include:
∎ A way to close the wealth gap. Historically, women have faced systemic barriers to building wealth, including lower wages and fewer investment opportunities. Buying property and becoming a homeowner is a great way for women to close this gender wealth gap and achieve parity in wealth accumulation.
∎ Legacy – for women with families owning a home is a great way to create a legacy. It provides a tangible asset that can be passed down to future generations, offering them long-term security and stability. This legacy can be a critical foundation for children and grandchildren, providing them with a solid start in life.
∎ Independence – becoming a homeowner is a powerful step towards financial independence. It enables women to build equity in a property that can serve as a welcome safety net in times of financial uncertainty. Unlike renting, where monthly payments contribute to a landlord’s wealth, regular bond repayments increase the owner’s net worth while also improving her credit record.
∎ Personal wealth – real estate is one of the most reliable, low-risk and and tax-free forms of investment. Homes typically increase in value over time, and this appreciation, plus the equity built up as a bond is paid off, can be leveraged for future financial needs, such as funding education, starting a business or planning for retirement. Homeownership is thus an excellent way for women to start building up personal wealth and empowering themselves to achieve their goals and secure their futures.
* Everitt is the CEO of Chas Everitt International property group.
PERSONAL FINANCE