Owning a home comes with so many benefits. Oftentimes, we focus on the financial benefits of homeownership when buying a home – and there are plenty! You’ll build wealth, save money on housing long-term… the list goes on and on. But what doesn’t get discussed enough are the non-financial benefits of homeownership. You know, those “American dream,” feel-good things that come along with owning your very own home – it’s a huge piece of the puzzle.
In a recent Bank of America report, surveyed homeowners ranked the “emotional equity” over financial benefits when reflecting on their home purchase. Now, we’re not saying purchasing a home will miraculously fix all your problems, but the odds are in your favor that it will seriously change your life for the better
A Place to Make Memories
As a renter, your living space constantly has an expiration date. And although when you purchase a home you can move at any time, you also have the option of staying there permanently if you so choose. This is a major perk for those with children, who want to give them one place to grow up and call home.
Stress-Relief and Stability
Many of us don’t love change – and rightfully so. The unknown can be intimidating. When you’re stuck in a cycle of renting year after year, you never really know what your monthly housing payment will be each year. On the other hand, a mortgage is predictable – especially if you go the fixed-rate route. Your loan originator will break down your payment schedule and you’ll never be left wondering what next year’s payments are going to be.
Almost 80% of surveyed homeowners said they took up new hobbies after buying a house. This is not surprising, as many homeowners are finally able to unleash their creativity in ways they never could as renters. You want to paint the walls green? Have at it! Want to add a cool chandelier to the dining room? Awesome!
It’s not just interior decoration that homeowners are picking up, though. Things like landscaping, gardening, cooking, baking, grilling, and remodeling are among the activities you may fall in love with after moving into your new home. A new home also likely means a new community, which opens doors for you to get involved locally, providing many other options for a new hobby or two (or ten… #AllTheThings). Not only are they fun, but there are also a whole slew of mental and physical benefits to dedicating time to hobbies.
A Sense of Pride and Purpose
Think back to when you were a kid and you saved up your allowance just to buy that one splurge item you always wanted. Now multiply that by one million; that’s what it’s like buying your very own home.
Your home is where you’ll grow older and wiser, make memories with friends and family – it’s simply where life happens. Having a beautiful home that is all yours to show for all of these moments is a feeling unlike any other.