Most governments have actually formulated policies towards enabling as many as possible urban dwellers to have homes of their own. Companies and other employers also encourage their employees to have their own homes through various measures.
In most countries, mortgage companies help those willing to have their homes on payment that is spread over a long period of time.
Home ownership has both personal and financial advantages, which include;
1. Savings. Most governments have formulated taxation policies to exempt those paying mortgage for their homes. This results in huge savings when itemized at the end.
2. Home ownership loans repayment in most cases remains constant during the period of repayment. This despite any economic down turns that may occur.
3. Home ownership provides one with the opportunity to concentrate on planning for other future activities such a child’s education.
4. Home ownership gives the owner the chance to mould his/her home in the best way he/she wants. One can take such activities as landscaping and decorating.
5. Home owning is a financial investment in itself as the owner can build equity on the home.