No doubt, you’ve heard all the financial benefits of homeownership: equity-building potential, substantial tax breaks, set monthly payments, and more. But there are probably even more intangible and non-financial benefits of owning a home – benefits that may actually outweigh the ones that affect only your finances. Not convinced? Well, here are 5 benefits of owning a home that have nothing to do with your finances.
1. More Room and Better Relationships
Owning a home almost always gives you more room than renting. Having more room does involve your finances to some degree, but it’s so much more than that.
More room also makes for better relationships with family members. In a survey conducted by Bank of America, “67% of current homeowners say their relationships with family and loved ones have changed since purchasing a home, with 49% of respondents saying that homeownership enabled them to bring the entire family under one roof.”
When you rent, you usually have limited space, “which can make it hard to host family for more than a day or two. Single-family homes usually offer more square footage and more opportunity for long-term visits and multi-generational living, so you can focus less on how to fit everyone comfortably and more on enjoying time together.”
2. Creative Personal Fulfillment
Yes, your finances play a role in personal fulfillment, but opportunities for creative expression do so even more. Owning a home provides and expands those opportunities.
“A surprising benefit of homeownership is the inspiration to try new things. In fact, 76% of survey respondents stated that they pursued new hobbies after buying a home, including landscaping and gardening at 47%, cooking, baking and grilling at 45%, and interior design at 33%. Owning a home also gives you the freedom to unleash your creativity without restrictive rental rules.”
Owning means that you have more opportunities to do what you like and to try new things. According to another survey, “82% of homeowners are satisfied with the time they’re able to spend on hobbies and passions after purchasing a home.” Do you have a passion for photography? When you own your home, you have the freedom to turn a bedroom into a dark room or studio – and unleash your creativity.
3. Freedom to Have Pets of Your Choice
This benefit both does and does not have something to do with your finances. You may not be able to have any pets at all when you rent, and if you can, it’ll cost you.
“Approximately 67% of US households own a pet, which means that those who are renting may be paying a landlord hundreds of dollars a year extra in non-refundable, monthly pet fees. Not only do you have to worry about whether your landlord will have a problem with your furry friends, but you also need to be ready to pay for any property damage that may be incurred because of your pet.”
When you own your home, though, you can have any number of pets you want without those extra fees. You’ll also have the freedom “to customize your home in a way that makes your pet more comfortable. Homeownership means saying goodbye to the guilt that comes with having an animal in someone else’s space and fully embracing pet ownership.”
4. Permanence and Community
When you own a home, you put down roots within a definite community. This creates a healthy sense of permanence and connectedness to those around you. Homeowners are more likely to form lasting friendships with neighbors and to build community ties.
5. Enhanced Happiness and Health
The pride of ownership that comes with owning your own home may not have anything to do with your finances, but it has a lot to with your happiness and health. Yes, you’ll build equity in your home, but you’ll also build “emotional equity.”
“Feeling settled and connected to your community can lead to a better overall quality of life. A recent survey revealed that homeowners reported improvement of their overall health after owning a home. Being able to make decisions about your own home appears to have an increase in life satisfaction and boosting self-esteem.”
This is an important benefit of owning a home, for there are many things in life far more important than your finances.
Start With a Agent
It should be pretty plain, then, that the benefits of homeownership go far beyond how it impacts your finances. But if you don’t get the right home, you may not be able to fully enjoy these benefits. That’s where your local agent comes in – providing the knowledge and expertise to help you make the right decision. If you want to get in on these benefits of owning a home that have nothing to do with your finances, then contact us today at 866-593-7012.