Buying and owning a home can have a substantial impact on one's existence. In addition to the financial benefits of homeownership, it is essential to consider the non-monetary benefits 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 renting, it may be difficult to make the space genuinely your own. And if you do make any changes, you may have to reverse them before departing. However, if you own your property, you can modify it according to your preferences. This level of customization can inspire pride in your property and increase your sense of attachment 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 essential, no matter your life stage. Due to the fact that change is the only constant in existence, this is the case. And while life changes all around you, having a familiar residence and not having to frequently relocate makes you and those closest to you feel more at ease and secure.
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.
Bottom Line
Owning a home can enhance your life by giving you a sense of accomplishment, pride, stability, and connection. If you're thinking about becoming a homeowner and want to learn more, let's talk.
