Buying and owning a home can be life-changing, and it’s important to consider not only the financial advantages but also the non-financial benefits that make a home more than just a residence.
Here are some of the top non-financial reasons to buy a home.
According to Fannie Mae, 94% of survey respondents say “Having Control Over What You Do with Your Living Space” is a top reason to own.
Owning a home means having complete control over your living space. You can decorate and modify it to your liking, whether it’s small changes or significant renovations, allowing you to create a home that reflects your unique style and preferences. Investopedia explains:
“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 often restricts your ability to make a rental property truly feel like your own. Any modifications you make might need to be reversed before moving out. In contrast, homeownership grants you the freedom to customize your home as you see fit, fostering a sense of pride and a stronger emotional connection to your living space.
Fannie Mae also finds 90% say “Having a Good Place for Your Family To Raise Your Children” tops their list of why it’s better to buy a home.
Another important factor to think about is what stage of life you’re in. U.S. News breaks it down:
“For those with young children, buying a home and putting down roots is a major driver. . . . You don’t want the upheaval of a massive rent increase or a non-renewed lease to impact your sense of stability.”
Stability and predictability are crucial in life, regardless of the life stage you’re in, because change is a constant. Owning a home provides a familiar and stable base, reducing the stress of regular moves and offering security and comfort for you and your loved ones amidst life’s changes.
Lastly, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another key motivator to own.
Homeownership fosters a deeper connection to your neighborhood. Homeowners tend to reside in one place for an extended period, often around nine years, which allows them to naturally build friendships and strong community ties over time. This sense of belonging and engagement in the community is a significant benefit of owning a home, as noted by Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP):
“Homeowners also tend to be more active in their local communities . . .”
When you care deeply about the people you live near, you’ll do what you can to contribute to your local area.
Owning your own home can enhance your life by providing a sense of accomplishment, pride, stability, and a stronger feeling of connectedness to your community. If you’re considering homeownership and want to explore further, feel free to reach out for more information and guidance.