Buying and owning your home can be life changing by bringing you joy and a sense of ownership. And with June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides.
Of course, there are financial reasons to buy a house, but here are three ways owning your home can give you a sense of accomplishment, happiness, and pride.
You May Feel Happier and More Fulfilled
Owning a home is associated with better mental health and well-being. 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 . . .”
Similarly, Habitat for Humanity says:
“Residential stability among homeowners is related to improved life satisfaction, . . . along with better physical and mental health.”
So, according to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.
You Can Engage in Your Neighborhood and Grow Your Sense of Community
Your home connects you to your community and homeowners tend to stay in their homes longer than renters, building meaningful relationshps and making them feel more connected to their community. And, as Acosta says, when people stay in the same area for a longer period of time, it can lead to them being more involved
:After all, it makes sense that someone would want to help improve the area they’re going to be living in for a while.
.”According to Habitat for Humanity:
“Improving affordable homeownership leads to numerous outcomes that extend beyond the house, such as greater economic stability, access to quality education, increased civic and social engagement, better health, and a reduced environmental footprint.”
You Can 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 remodel, decorate and tailor it however you see fit.
One of the joys of homeownership is being able to express your personality and style through your living space. You can paint the walls any color you want, hang up artwork or photos that reflect your interests, or add features that make your home more comfortable and convenient. You can also make improvements that increase the value of your home or reduce your energy costs.
By customizing and improving your living space, you can create a home that suits your needs and preferences. You can also take pride in knowing that you’ve invested in something that’s truly yours .Homeownership is more than just a financial decision. It’s also carries social and emotional benefits that can improve your quality of life and well-being. Here are some of the advantages of owning your own home:
– You have the freedom to create your own space. Whether that’s small home improvements or full-on renovations, your ability to personalize your home with paint and decor can be exactly what you want and need it to be. No need for permission from a landlord as Investopedia tells us. As your tastes and lifestyle change, so can your home. As Investopedia tells us:
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.
– You can enjoy tax benefits and financial stability. Buying a home is not only an investment in your future, but also a way to save money on taxes. According to Realtor.com:
“The many expenses of owning a home—like property taxes and accounting costs—are tax-deductible . The largest deduction is generally the interest you pay on your mortgage.”
Homeownership also helps you build equity over time, which is the difference between the value of your home and the amount you owe on your mortgage. Equity can be used for various purposes, such as paying off debt, funding education, or making home improvements. Additionally, homeownership can protect you from inflation and rent increases, as your mortgage payments will remain fixed for the duration of your loan.
Bottom Line
Homeownership is more than just a financial decision. It also has social and emotional benefits that can improve your quality of life and well-being. If you are ready to explore homeownership and all it has to offer, “Let;s Connect and Get You Moving”.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. or Mary Ann Uhrenholdt, Licensed Salesperson does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. or Mary Ann Uhrenholdt Licensed Salesperson will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.