Non-Financial Advantages of Homeownership
Buying and owning your own house can have a significant impact on your life. While there are financial reasons to become a homeowner, it's also important to consider the non-financial rewards that make a home more than just a place to live.
Here are some of the top non-financial reasons to buy a home.
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 truly your own personal area. Unless there are explicit homeowner association regulations, you can decorate and change your home however you choose. That means you can make minor adjustments or even major upgrades to make your property uniquely yours. Your home is uniquely yours, and by purchasing it, you offer yourself the opportunity to customize it to your personal taste. Investopedia explains:
“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 amount of customization can instill pride in your home and make you feel more connected 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.”
Stability and predictability are vital 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, while 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.
Lastly, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another key motivator to own.
Owning your home also helps you feel even more connected to your neighborhood. People who own homes usually live in them for an average of nine years, according to the National Association of Realtors (NAR). As time passes, it’s natural to make friends and build strong ties in the community. Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), points out:
“Homeowners also tend to be more active in their local communities . . .”
When you care strongly about the people you live around, you will do everything you can to help your community.
Owning a home can improve your life by providing you with a sense of success, pride, stability, and connection. Let's talk if you're considering becoming a homeowner and want to learn more.