Wednesday, March 23, 2022 / by Raj Jaggi
We've learned the true value of homeownership over the last two years, particularly the security and sense of accomplishment it can give. But there's a lot more to owning a home. Here are some of the non-financial and financial advantages of homeownership. Consider all of the ways homeownership can affect your life if you're planning to buy a home now.
The Personal and Emotional Benefits of Homeownership
Because it is a space that is entirely yours, owning a house gives you a great sense of pride. You can also modify your home to your heart's content as a homeowner. Having a spot where you've left your mark increases your sense of pride and ownership.That sense of ownership can also assist develop social, community, and civic advantages outside of your shelter. This is due to the fact that the average homeowner lives in their home for more than a few years. As a result, the longer you live there, the stronger your connection to the community will become. This might give you a stronger sense of belonging and a higher sense of ownership in your community as a whole. According to the National Association of Realtors (NAR),
“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.”
Purchasing a home is a major step toward financial stability.
Homeowners benefit financially from home price appreciation, equity gains, and have a hedge against the effects of inflation. These advantages can make a significant difference in your life. You increase your net worth by accumulating equity in your home and paying down your mortgage. In addition, your 30-year fixed-rate mortgage can help you keep one of your main monthly payments stable for the duration of your loan, even if inflation is high.
The National Association of Realtors' Chief Economist, Lawrence Yun, discusses how you can begin to notice these long-term impacts of homeownership as soon as you make your purchase:
“Owning a home continues to be a proven method for building long-term wealth. . . . Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage.”
It's reassuring to know you've made a good investment so soon after you've made it. And that may reassure you in your decision to purchase a home.
The advantages of owning a home are numerous. As a homeowner, you can be proud of your living area and know you've made a wise financial decision. To discover more about how homeownership might benefit you, contact a local real estate advisor today.