The Many Non-Financial Benefits of Homeownership
Purchasing and owning a home can have a significant impact on your life. While there are financial reasons to buy a home, it is also important to consider the non-financial benefits that make a home more than just a place to live.
Here are some of the most compelling non-financial reasons to purchase a home.
According to Fannie Mae, "Having Control Over What You Do with Your Living Space" is a top reason to own for 94% of survey respondents.
Your home is truly your own personal space. Unless there are specific homeowner association requirements, you can decorate and change your home however you want. That means you can make minor changes or even major renovations to make your home uniquely yours. Your home is uniquely yours, and by purchasing, you give yourself the freedom to customize it to your personal taste. According to Investopedia:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”
When you rent, you may not be able to make your space truly your own. And if you do make any changes, you may have to reverse them before leaving. However, if you own your home, you can customize it to your specifications. That level of customization can instill pride in your home and make you feel more connected to it.
According to Fannie Mae, 90% of people believe that "having a good place for your family to raise your children" is the most important reason to buy a home.
Another important consideration is your current stage of life. U.S. The following is a breakdown of the news:
“For those with young children, buying a home and putting down roots is a major driver. . . . You don’t want the upheaval of a massive rent increase or a non-renewed lease to impact your sense of stability.”
Stability and predictability are important no matter what stage of life you are in. This is due to the fact that the only constant in life is that things will change. And, as life changes around you, having a familiar home and not having to relocate frequently makes you and those who matter most feel more secure and at ease.
Finally, according to Fannie Mae, 82% list "Feeling Engaged in Your Community" as another key motivator to own.
Owning a home also makes you feel more connected to your community. According to the National Association of Realtors (NAR), home owners stay in their homes for an average of nine years. It's natural to make friends and form strong community ties as time passes. According to Gary Acosta, CEO and Co-Founder of the National Association of Hispanic Real Estate Professionals (NAHREP):
“Homeowners also tend to be more active in their local communities . . .”
When you care deeply about the people you live near, you will do everything you can to help your community.
Owning a home can improve your life by providing you with a sense of accomplishment, pride, stability, and connection. Let's talk if you're thinking about becoming a homeowner and want to learn more.