Benefits of Home Ownership
With higher mortgage rates, you might be wondering if now’s the best time to buy a home. While the financial aspects are important to consider, there are also powerful reasons it may make sense to make a move. Here are a few benefits of homeownership. Read on to learn the Emotional & Non-Financial Benefits of Owning Your Home.
Make Your Home Truly Your Own
Owning your home gives you a significant sense of accomplishment because it’s a space you can customize as you please bringing you added happiness.
A report from the National Association of Realtors (NAR) shows making updates or remodeling can help you feel more at ease and comfortable in your living space. NAR measures this with a Joy Score that indicates how much happiness specific home upgrades bring. According to NAR:
“There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home or just one room, add a home-office, refinish or adding new hardwood flooring, closet renovation, insulation upgrade, etc.”
Unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.
If you rent, you may not have the same freedom. There’s a good chance you’ll need to revert any changes made back at the end of your lease. That can add additional costs when you move out.
The Responsibilities of Homeownership Give You a Greater Sense of Achievement:
There’s no denying taking care of your home is a large responsibility, but it’s one you’ll take pride in as a homeowner.
Freddie Mac explains:
“As the homeowner, you have the freedom to adopt a pet, paint the walls any color you choose, renovate your kitchen, and more. Of course, along with the freedoms of homeownership come responsibilities, such as making your monthly mortgage payments on time & maintaining your home. But as the property owner, you’ll be caring for your own investment.”
You’re not taking care of someone else’s living space. As an added benefit, you may get a return on investment for any upgrades or repairs you make.
Homeownership Can Lead to Greater Community Engagement
That sense of ownership and your feelings of responsibility can extend beyond the walls of your home. Your home also gives you a stake in your community. Because the average homeowner stays in their home for more than just a few years, that can lead to having a stronger connection to your local area. NAR notes:
“Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”
If you’re looking to put down roots, homeownership can help fuel a sense of connection to the area and those around you.
If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey, including the ability to customize your home, the sense of achievement homeownership brings, and a greater connection to your community. The Emotional & Non-Financial Benefits of Owning Your Home are plentiful.
Let’s connect to discuss everything homeownership has to offer.