With all the headlines and talk about housing affordability, it can be tempting to get lost in the financial side of buying a home. That’s only natural, as you think about the dollars and cents of it all.
And while you ultimately need to be able to afford a home you buy, don’t lose sight of why homeownership is so important to you in the first place. Buying a home is so much more than just a financial transaction.
Here’s a look at just a few of those more emotional or lifestyle perks to help anchor you to why homeownership is one of your goals.
A Sense of Satisfaction
Buying a home is a big milestone. It involves years of saving and months of searching with an agent. After all that work, you have a place you can call your own. And that sense of satisfaction and pride that comes with achieving that goal just feels good.
Home Bay conducted a survey of 500 renters and 500 homeowners and found that a vast majority of homeowners are happier than when they rented:
“A striking 88% of homeowners express greater happiness with homeownership than renting, while fewer than 20% wish they were still renting. Notably, 90% of homeowners say they’re happier overall since they bought a home, and another 80% say owning a home was the best decision they ever made.”
Most respondents said that they enjoy the financial security, freedom, and privacy that comes with owning your own home. There’s a reason why owning a home is such a crucial aspect of the American Dream: it brings a sense of accomplishment that is hard to get anywhere else.
More Stability
Another thing that may make homeowners feel more satisfied is that they’re finally able to put down roots. If you’re used to moving each time your lease renews and your rent climbs, staying put for a while would be nice not just for you, but for any loved ones that live with you.
A home can provide more predictability and the chance to make long-term friends. That should reduce everyone’s stress too. As the National Association of Realtors explains:
“Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success.”
A Strong Feeling of Community
And if you’re also looking for a sense of belonging for yourself, homeownership can help with that too. When you’re not worried about rising rent or where to relocate next, you can start investing more time in yourself and your community. Your home connects you to your neighborhood and, by extension, your broader community. That’s because owning a home gives you a stake in that community’s future. So, becoming more involved and wanting to do what you can to help improve the area while making long-term relationships with neighbors is only natural.
In addition, many neighborhoods have shared amenities, like parks, pools, and community centers that you can enjoy.
The Ability To Make the Space Your Own
And don’t forget, your home is a place that’s all yours. Unless you’ve got 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. And as your tastes and lifestyle change, so can your home.
Picture coming home each day to a place that feels like you. That’s a feeling like no other.
Bottom Line
If you want to enjoy a sense of accomplishment and pride in where you’re living, let’s have a conversation to go over what you need to do now to make this future happen for you.
