Do You Know About the Non-Financial Benefits of Homeownership?

Do You Know About the Non-Financial Benefits of Homeownership?

Purchasing and owning a home can have a significant impact on your life. While there are financial reasons to become a homeowner, it is also important to consider the non-financial advantages that make a home more than just a place to live.

Here are a few of the most compelling non-financial reasons to purchase a home.

94% respondents of a Fannie Mae survey stated that “Having Control Over What You Do with Your Living Space” is a top reason to be a homeowner.

Your home is truly your own personal area, your sanctuary. Unless your home is in a neighborhood with explicit homeowner association regulations, you can decorate and change your home anyway 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, you offer yourself the opportunity to customize it to your personal tastes. 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.”

It can be difficult to make a rental property feel like a home. It's possible you'll have to undo whatever alterations you make before you go. If you own your own house, however, you can customize it to your liking. An increased sense of belonging and pride in one's home is often a result from being able to personalize 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 crucial consideration is the life stage you are now experiencing. U.S. News provides an analysis:

“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.”

Whichever stage of life you're in, consistency and predictability are crucial. This is due to the fact that change is the one thing that is continuous in life. Additionally, having a familiar house and not having to worry about relocating frequently makes you and the people who matter most feel more secure and at ease when life changes all around you.

According to Fannie Mae, 82% of respondents cite "Feeling Engaged in Your Community" as yet another important reason to purchase.

You also feel even more a part of your neighborhood when you own a home. The typical homeowner stays in their home for nine years, according to data from the National Association of Realtors (NAR). It's normal to develop acquaintances and form close bonds with the community throughout that period. As the National Association of Hispanic Real Estate Professionals (NAHREP)'s CEO and co-founder, Gary Acosta, notes:

“Homeowners also tend to be more active in their local communities . . .”

When you care strongly about the people you live around, you will do what you can to help your local community.

In conclusion

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 about becoming a homeowner and want to learn more.