Finances are a big part of the conversation when discussing homeownership. It’s true that financial health is a big part of homeownership. However, there are other benefits to homeownership as well. Why own a home? For the emotional benefits of homeownership.
Why Own a Home?
Why own a home? We all know that homeownership is a big part of the American dream, but financial health is not the only benefit. What does homeownership provide us with after providing shelter? The answer is not as simple as financial health.
Owning a home means having a mortgage; mortgages are loans that often take 30 years to pay off. That’s a long time to hold a loan, but the benefits that come with said loan are impressive. Each payment on the loan builds equity, the equity of a home is the increased value of the home in comparison to how much has been paid off.
For example, if you have a $1,000 mortgage (wouldn’t that be nice?) and the value of the home is now $1500, the equity would be $500. The equity can be converted to cash for many things like paying for home improvements, consolidating high-interest credit card debt, or even to cover the cost of education or to start a business.
You can even use the equity of your home to help pay for another home. You can see why homeownership is important to financial stability. However, finances are not the only benefit we get from homeownership.
A Sense of Community
We all, as a society, took the sense of community for granted. However, the rough months of 2020 taught us just how important a sense of community is for our mental health. In fact, study after study came out during that year that showed us the lack of social connections leads to health conditions like heart disease, immune disorders, cancer, and more.
Homeownership provides us with that sense of community, a sense of a place we belong. That community can help provide us with a support network, a sense of purpose, stress relief, professional development, inspiration, communication development, and an overall sense of belonging.
New Home Nesting
Nesting is the idea of a pregnancy leading people to prepare their home for birth. The goal is to create a safe space for a child to develop and grow. However, nesting is not just for pregnant women. Nesting can be used as a term to describe the personalization of a new home.
Homeownership means owning a private sanctuary. Why own a home? Because you will have complete freedom to enhance, renovate, and decorate your home as you see fit. There is no need to get approval from the landlord for something as small as painting a room.
You get to design your space to fit you, no matter how often your desires evolve. This removes a stressor from your plate and provides you with a space that feels safe to you.
What We Say…
Owning your place can positively impact your life, creating greater contentment and happiness. Get in touch with us today if you’re prepared to delve into the world of homeownership and all the benefits it can offer.
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