Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. With June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides. New responsibilities arise for homeowners, however, the feeling of owning a home overwhelms anything negative. In this article, we'll explore the profound and often overlooked advantages of owning a home. So, grab a cozy seat and prepare to discover the incredible value that homeownership brings to your life. Here are some common ways owning your home can give you a sense of accomplishment, happiness, and pride.
Financial Advantages
Of course, there are financial reasons to buy a house, but it’s important to consider the non-financial benefits that make a home more than just where you live. The true value lies in the intangible aspects that extend beyond the physical structure. Instead of paying rent and watching your money disappear, homeownership allows you to build equity and potentially accumulate wealth. Additionally, the interest paid on your mortgage may be tax-deductible, providing additional financial benefits.
You May Feel Happier and Fulfilled
According to Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), explains “studies have shown the emotional and psychological benefits that homeownership has on a person’s health and self-esteem.” Habitat for Humanity also mentioned, “residential stability among homeowners is related to improved life satisfaction.”
Experts say owning a home can improve your psychological wellness by making you feel happier and more accomplished.
Community and Social Connections
Your home creates opportunities to connect with other homeowners in your community. Homeowners tend to stay in their homes longer than renters, and that can help you feel more connected to your community because you have more time to build meaningful relationships. Acosta says, when people stay in the same area for a longer period, it can lead to them being more involved: homeowners tend to be more active in their local communities.
Customize and Improve Your Living Space
Your home is a place that’s all yours. When you own it, unless there are specific homeowner’s association requirements, you’re free to customize it however you see fit. Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be. As your tastes and lifestyle change, so can your home. As Investopedia tells us:
Long-Term Stability for Retirement
Homeownership can provide a foundation for long-term stability, especially during retirement. By the time you reach your golden years, having paid off your mortgage, you eliminate a significant expense, allowing you to allocate your funds towards other aspects of retirement. Additionally, downsizing or utilizing home equity can provide an additional source of income. Renting can limit your ability to personalize your living space, and even if you do make changes, you may have to undo them before your lease ends. The ability homeownership gives you to customize and improve where you live creates a greater sense of ownership, pride, and connection with your home.
Here's the Bottom Line:
Owning your home can change your life in a way that gives you greater satisfaction and happiness. Contact Gold Financial Services, your local mortgage loan service, today if you’re ready to explore homeownership and all it has to offer.
