What is the True Value of Homeownership?

Buying and owning a home is an incredibly rewarding experience that can bring a sense of joy, pride, and security to your life. Not only does homeownership provide financial stability, but it also offers many other non-financial benefits that make owning a home so much more than just a place to live.

June is National Homeowners Month, so now is the perfect time to consider all the benefits being a homeowner provides.

You May Feel More Fulfilled and Happier

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

When homeowners choose to stay in their homes for a longer period of time, it can lead to an increased sense of connection with their community. Having the opportunity to form meaningful relationships over a longer period enables individuals to become more engaged in local events and initiatives. 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:

“Homeowners also tend to be more active in their local communities...”

After all, it makes sense that someone would want to help improve the area they’re going to be living in for a while.

You Can Customize and Improve Your Living Space

As a homeowner, you can do almost anything you wish with your home. Unless you have specific homeowner’s association rules to adhere to, you are free to customize it to your hearts content. Whether you want to make a large-scale remodel or small home improvements, you can make your home to be exactly what you want it to be. And, as your lifestyle and tastes change, so can your home. As Investopedia tells us:

“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”

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. Being a homeowner creates a greater sense of pride and connection with your living space. So if you want more control over your home and how you can improve it, consider buying a home.

Final Thoughts

Owning your home can change give you a greater sense of satisfaction and happiness. Connect with award winning realtor Dianne Anderson today so you can explore homeownership and all it has to offer.

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