Purchasing and taking possession of your own home can wield a significant influence on your life. Beyond the financial considerations of homeownership, it's vital to consider the intangible advantages that elevate a home beyond mere shelter.
Below, we delve into some of the primary non-monetary motivations for becoming a homeowner.
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 represents an exclusive sanctuary where your personal tastes and preferences can shine through. As a homeowner, you hold the reins of creative control over your living space. Barring any constraints imposed by homeowner associations, you have the freedom to adorn and customize your dwelling to your heart's desire. This latitude extends to making subtle enhancements or undertaking significant renovations, all with the aim of crafting your ideal living environment. Investopedia elaborates on this aspect:
“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.”
While renting, you may encounter limitations in your ability to infuse a true sense of ownership into your living space. Even if you attempt to introduce modifications, the prospect of reverting them to their original state upon departure can deter your creative expression. However, as a homeowner, you possess the liberty to fashion your abode precisely to your liking. This degree of customization can instill a profound sense of pride in your residence, fostering a deeper emotional connection with the place you call home.
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 critical consideration revolves around your current life stage, and U.S. News provides valuable insights on this matter:
“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.”
Regardless of the life stage you find yourself in, stability and predictability hold significant importance. This is because life is inherently dynamic, and change is its enduring constant. Amidst the evolving landscape of life, having a steadfast, familiar home that eliminates the burden of frequent relocation offers you and your loved ones a heightened sense of security and comfort.
Lastly, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another key motivator to own.
Furthermore, homeownership fosters a deeper sense of belonging within your neighborhood. According to data from the National Association of Realtors (NAR), homeowners typically reside in their homes for an average of nine years. Over this period, it's natural to form friendships and cultivate robust connections within the community. As Gary Acosta, CEO and Co-Founder of the National Association of Hispanic Real Estate Professionals (NAHREP), underscores:
“Homeowners also tend to be more active in their local communities . . .”
When you have a strong sense of community with your neighbors, you're more inclined to actively participate in improving your local area.
In Conclusion
Homeownership can significantly enhance your quality of life, instilling feelings of accomplishment, pride, stability, and a stronger sense of connection. If you're considering becoming a homeowner and wish to delve deeper into the subject, don't hesitate to get in touch with a local real estate agent today.
