June is National Homeownership Month, a perfect time to reflect on how owning a home can deal a lot if impact. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.
The Emotional Benefits of Homeownership
Being a Homeowner can give you a sense of pride and happiness in several ways, because it’s a place that’s uniquely yours.
Your Home Can Reflect Your Tastes and Personality
As investopedia puts it:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.”
This knowledge can lead to a powerfu and emotional connection to the place where you live. But this comes with the realization that your home will grow with you. Since it’s yours, you have the freedom to make updates to it as your needs and tastes see fit. Logan Mohtashami, Lead Analyst for HousingWire, says:
“The psychology is that this is yours and you’re going to make it as good as possible because you’re in for a long time, . . . “
And that creates a greater sense of ownership, pride, and connection with your home and your community.
It Can Enhance Your Neighborhood and Civic Engagement
Homeownership leads you to get more involved with your local area. After all, you’re putting your roots on location and will do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:
“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”
The Financial Benefits of Homeownership
When you become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.
Homeownership is one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
It Can Grow Your Wealth
Because of your growing equity, you can build your net worth as a homeowner. And when you compare the net worth between a renter and a homeowner, it’s clear that owning a home offers a greater way to build a long-term financial position.
BOTTOM LINE
Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home. Then let’s connect to have experts guide you and begin the process today.
