How Owning a Home Can Make You Happy
You're probably contemplating a few distinct things while deciding whether to rent or buy a home. If you're a renter, the financial rewards of homeownership may be one of the factors motivating you to buy, but having a house that's distinctively yours may also be a factor.
If you want to express yourself by improving and customizing your living space but are restricted by your rental agreement, it may be time to examine the advantages of home ownership.
A Small Change Can Bring a Lot of Happiness
Owning a home provides a great sense of accomplishment. That's because it's a place that you genuinely own.
Making improvements or upgrading your house, according to a recent survey from the National Association of Realtors (NAR), can help you feel more at ease and comfortable in your living environment. The National Association of Realtors (NAR) uses a Joy Score to determine how much satisfaction various home improvements provide. NAR claims that:
“There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.”
The paper also details how each of these tasks can improve your emotional attachment to your home, leading to you wanting to spend even more time there (see graph below):
While many of the chores highlighted by NAR are larger, others, such as painting rooms, are extremely smaller. Even shorter undertakings can give you a sense of satisfaction and success. Not to mention that by improving your property, you may be raising its value, which can increase your net worth if you invest your time and money correctly.
You're free to make any changes you want to your home.
When you accomplish these types of repairs, you'll feel even better, but there's another reason to be happy as a homeowner. In most cases, you don't need any additional permission to renovate or update the interior of your home. Renters, however, may not have the same freedom, as Business Insider reminds out:
“Your landlord won’t always approve changes when you rent. But you have the power to update the home when you’re the owner. (Just make sure any big changes are approved by your homeowner’s association, if necessary.)”
If you make changes as a renter, you may be required to reverse them after the conclusion of your lease, depending on your rental agreement. When you move out, this can result in additional fees. One of the most significant advantages of owning a home is this. Unless your homeowner's association has specific rules, you shouldn't have to worry about what alterations you can and can't make.
It is a personal choice whether to rent or buy. While the financial benefits are important, don't underestimate the emotional benefits of homeownership. Let's connect to talk about all the advantages of purchasing your own house.