With highermortgage rates, you might be wondering if nows the best time to buy a home. While thefinancial aspectsare important to consider, there are also powerful non-financial reasons it may make sense to make a move. Here are just a few of the benefits that come with homeownership.
Homeowners Can Make Their Home Truly Their Own
Owning your home gives you a significant sense of accomplishment because its a space you can customize to your hearts desire. That can bring you added happiness.
In fact, areportfrom theNational Association of Realtors(NAR) shows making updates or remodeling your home can help you feel more at ease and comfortable in your living space. NAR measures this with aJoy Scorethat indicates how much happiness specific home upgrades bring. According to NAR:
There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.
And as a homeowner, unless there are specific homeowners association requirements, you typically wont have to worry about the changes you can and cant make.
If yourent, you may not have the same freedom. And if you do make changes as a renter, theres a good chance youll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out.
The Responsibilities of Homeownership Give You a Greater Sense of Achievement
Theres no denying taking care of your home is a large responsibility, but its one youll take pride in as a homeowner.Freddie Macexplains:
As the homeowner, you have the freedom to adopt a pet, paint the walls any color you choose, renovate your kitchen, and more. . . . Of course, along with the freedoms of homeownership come responsibilities, such as making your monthly mortgage payments on time and maintaining your home.But as the property owner, youll be caring for your own investment.
Youre not taking care of a living space that belongs to someone else. The space is yours. As an added benefit, you may get areturn on investmentfor any upgrades or repairs you make.
Homeownership Can Lead to Greater Community Engagement
That sense of ownership and your feelings of responsibility can even extend beyond the walls of your home. Your home also gives you a stake in your community. Because theaverage homeownerstays in their home for longer than just a few years, that can lead to having a stronger connection to your local area. NARnoteshow that can benefit you:
Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.
If youre looking to put down roots, homeownership can help fuel a sense of connection to the area and those around you.
Bottom Line
If youre planning to buy a home this year, there are incredible benefits waiting for you at the end ofyour journey, including the ability to customize your home, the sense of achievement homeownership brings, and a greater connection to your community. Connect with a local real estate professional to discuss everything homeownership has to offer.
When you are ready to buy or sell your next home, please call me, Marie McLaughlin 727-858-4569.
Source:https://www.keepingcurrentmatters.com/2022/10/17/the-emotional-and-non-financial-benefits-of-homeownership/
