The Many Non-Financial Benefits of Homeownership
Purchasing and possessing your very own home can profoundly transform your life. Beyond the financial considerations of becoming a homeowner, it's crucial to contemplate the non-monetary advantages that elevate a home from being merely a residence.
In this blog post, we'll delve into the primary non-monetary motivations for homeownership.
According to Fannie Mae, 94% of survey respondents say “Having Control Over What You Do with Your Living Space” is a top reason to own.
Your home is undeniably your personal sanctuary. When you own a home, provided there aren't any stringent homeowner association regulations in place, you have the freedom to adorn and modify it to your heart's content. This implies that you can undertake minor enhancements or embark on significant renovations to craft a living space that aligns perfectly with your preferences. Your home becomes an exclusive reflection of your personality and purchasing it bestows upon you the liberty to tailor it to your distinct style. As highlighted by 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.”
Renting a property often comes with limitations that prevent you from truly infusing it with a sense of personal ownership. Even if you manage to make some changes, you might find yourself obligated to reverse them before vacating the premises. However, when you're the proud owner of your home, you have the liberty to shape it precisely to your liking. This high degree of customization not only instills a profound sense of pride in your living space but also fosters a stronger emotional connection to it.
Fannie Mae also finds 90% say “Having a Good Place for Your Family To Raise Your Children” tops their list of why it’s better to buy a home.
Another important factor to think about is what stage of life you’re in. U.S. News breaks it down:
“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.”
Regardless of the stage you find yourself in life, stability and predictability hold significant importance. This is because the only certainty in life is change itself. As life evolves around you, having a familiar and permanent home, where you don't have to constantly worry about moving, brings a profound sense of security and comfort to both you and your loved ones.
Lastly, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another key motivator to own.
Homeownership fosters a deeper sense of connection to your neighborhood. According to data from the National Association of Realtors (NAR), homeowners typically reside in their homes for an average of nine years. Over this period, it's only natural to forge friendships and establish robust community bonds. As Gary Acosta, CEO and Co-Founder of the National Association of Hispanic Real Estate Professionals (NAHREP), aptly notes:
“Homeowners also tend to be more active in their local communities . . .”
When you have a strong sense of attachment to your neighbors and community, you're more inclined to actively participate and contribute to the betterment of your local area.
Becoming a homeowner has the potential to enrich your life, providing you with a profound sense of achievement, pride, stability, and a deeper connection to your community. If you're contemplating homeownership and wish to explore this journey further, don't hesitate to reach out and connect with us for more information.