The Many Non-Financial Benefits of Homeownership
Many different aspects make a home more than just a place to live. Financial reasons are often the primary factor in deciding to become a homeowner, but it’s essential to consider the non-financial benefits. Buying and owning your home can significantly impact your life, so 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 leading reason to own.
Your home is your own space. Unless there are specific homeowner association requirements, you can decorate and modify when you own your home. Everything from small changes to extensive renovations can make your home perfect and personal. Homeownership provides the opportunity to make your home individual. By buying, you gain the freedom to tailor to your style and needs. 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 you rent, restrictions can keep the place from feeling like yours. Any modifications you do make likely have to change back before you leave. When you own your home, you can create a space without these worries or conditions. The gift of this level of customization is a sense of pride in and an increased connection to where you live.
Fannie Mae also finds that 90% say “Having a Good Place for Your Family To Raise Your Children” tops their list of why buying a home is better.
What stage of life are you currently in? This question is another vital factor to assess as you consider homeownership. 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.”
The one constant in life is that things will change. No matter which of life’s milestones you’re in, stability and predictability are essential. As life changes around you, the guarantee of a familiar home enables you and those who matter to feel more secure and comfortable without the constant worry of another move.
Finally, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another critical motivator to own.
Owning your home also helps you feel even more connected to your neighborhood. The average length of owning a home is nine years, according to the National Association of Realtors (NAR). This length of time allows for friendships to form and strong ties to build within the community. As 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 . . .” These strong ties yield a deeper care about the people you live near, often leading to more significant personal contributions to your local area.
Don’t limit the impact of homeownership to merely financial factors. There are other personal benefits to owning your home that will give you a sense of accomplishment, pride, stability, and connectedness. Are you interested in creating a space of your own and gaining a sense of security? Our Just Say Home KC Team is ready to help you find your perfect fit!