The Non-Financial and Emotional Benefits of Homeownership {Infographic}
When you started your home buying journey, you might have only considered the financial perks that homeownership could give, including a more stable monthly housing costs and building equity.
But when you think about it, it’s love that drives you to provide a safe and comfortable environment for yourself and your loved ones. To have a place designed for your needs and desires is enough to fuel you when searching for a home you can call your own.
This love month, let’s highlight the equally powerful emotional and non-financial benefits of owning a home.
Non-Financial and Emotional Benefits of Homeownership Infographic
INCREASED PRIVACY AND SECURITY
You can enjoy a good deal more privacy when you are a homeowner than when you are a renter. You won’t have to share a wall, ceiling or floor and other common areas with your neighbors, which is the usual scenario when you live in apartments or condos. In addition, you don’t need to worry about your landlord raising rent once your lease term expires. You can also make your property as secure as you want without worrying about a landlord’s approval.
FREEDOM TO EXPRESS YOURSELF AND PERSONALIZE YOUR SPACE
Your home your rules! And there is nothing more satisfying as creating a home that works best for you and your needs. Want to paint the walls in that Viva Magenta color? Add a kitchen island? Repurpose and extra room? Owning a home enables you to make these upgrades and personalize your space to your heart’s desires. And unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.
IMPROVED PHYSICAL AND MENTAL HEALTH
Aside from customizations, you can create a safer and healthier environment when you have your own home. You will be able to be on top of mold, termites, or sewage problems, and any other potentially hazardous concerns that could jeopardize your physical health. Likewise, having ample living space and an increased sense of safety, security and belonging can contribute to a more positive and improved mental well-being for you and your family.
POSTIVE IMPACT ON CHILDREN’S STUDIES
With the security that homeownership provides, it also provides stability to families, which is especially beneficial to children. Studies show that children of homeowners tend to do better in school. Without the uncertainty of renting, they are less likely to have to change schools. They know what to expect and interact with the same friends in the neighborhood, and are more likely to have quieter environments, which greatly contributes to their improved educational outcomes and overall health and well-being.
FOSTER STRONGER COMMUNITY RELATIONSHIPS
Homeownership means that you will be able to plant roots in a community. You’ll be staying in one place for quite some time, which will allow you know your neighbors and build valuable relationships with them, participate in community activities and events, or join local clubs and organizations. Additionally, being a homeowner means you’ll have a greater voice and influence in community affairs and contribute to problem-solving for the welfare of the community.
A GREATER SENSE OF PRIDE AND ACCOMPLISHMENT
While taking care of a home is a huge responsibility, it brings out feelings of pride and accomplishment. After years of saving for the down payment and other costs, months of browsing listings with an agent to find the right home, submitting multiple offers, and obtaining financing, among others, having a home you can call your own is a visual symbol of your hard work and dedication. This greater sense of achievement often leads to a boost in self-esteem and happiness like no other.
Bottom line
Make sure you consider not only the financial perks of homeownership but the many amazing emotional and psychological benefits it has to offer. And when you’re ready to find your forever home, find and connect with the right matchmaker—a trusted real estate agent who will guide you to the home of your dreams.