Home Ownership

Home ownership refers to the condition of owning a residential property rather than renting or leasing it from a landlord. It involves having legal rights and responsibilities associated with a property, including the ability to modify, sell, or transfer ownership. Homeowners typically make mortgage payments if they finance their property through borrowing, and they are responsible for property taxes, maintenance, and insurance. Home ownership is often considered an important aspect of personal finance and is associated with stability, investment, and community ties. It can also impact wealth accumulation, as properties often appreciate in value over time.