It’s not just another apartment you’re occupying – where you have restrictions on what you can or can’t have in your space, for example… Pets. Painting the walls deep purple. Black. Glitter. Glow in the dark. Suede. Having in-laws. (ok, admittedly that last one is a joke!)
Owning a home is not only an investment in yourself, putting your stake in the community and saying “this is where I choose to live because I really love it here!”, but it’s also a chance to make a space truly your own. We say go for those glittery-glow in the dark walls if you want to! In-laws? Still optional!
So, benefits of owning a home… let’s list some of the out, shall we?
Emotional Zen
You own your own little space. You’re not renting, leasing, or otherwise borrowing time on it. It’s yours.
The emotional connection of ownership, knowing you put in the hard work to earn your own place is a powerful feeling – and along with it comes a sense of pride. When you own something, you take better care of it, right? (we know we do!) Your home grows with you, you have the freedom and option to add or update as you see fit. Plus, you’re not depending on a landlord or approval from someone else to get something fixed!
Homeownership presents you with an opportunity to learn new skills. You can either pay an expert to come fix things, or learn to DIY it. If it goes well you can brag to everyone about the awesome job you did, and if it goes sideways, at least you’ve got a great story to tell! Either way – the power is in your hands.
Neighborhood Watch & Engagement
This is one of our favorites. Many rentals have restrictions, no pets, no painting, no outdoor space, only 2 parking spots, move your cars by 7am before the plow arrives… the list goes on! When you own your home you make the rules! Want chickens? Get em! Want to turn your yard into a food forest? We’ll help! Want to have friends over for a light night around the fire-pit? By all means, live your best life!
Freedom!
Moving to a new neighborhood could be daunting, especially if it’s an area you’re not familiar with, but don’t let that overshadow the excitement of becoming a part of your new community! If it’s somewhere you’ve had your eye on for a while, maybe you’re giddy with excitement, because you’re finally moving into the neighborhood of your dreams! Either way, maybe your neighbors will be welcoming you with baked goodies (they still do that, don’t they!?), and who knows, maybe you’ll strike up new friendships. Before you know it, the beginnings of your Annual Block Party will be underway! Many of our clients like living places where they can engage in the neighborhood, and where their kids can play nearby.
When we have pride in where we live, we tend to share it. And those who are welcomed feel the need to share that contagious feeling – is it love?! We think so! The point is, when you own a home, you own a part of the community and you feel invested in it the same way your neighbors do. There’s a camraderie in it, plus, it’s good for your health!
Financial Benefits
Owning a home provides one of the best things we can think of – stability. There’s no change in month-to-month housing costs, because the mortgage is held at a fixed rate. This is, of course, true unless you refinance to change your payment, or obtain a variable rate mortgage (we recommend only refinancing when it makes financial sense for you). Having a predictable monthly living expense helps with budgeting, but the biggest benefit is you build your equity over time.
This passive means of wealth-building is one of the best and safest ways to build your net worth, and it’s all simply by being a homeowner. You’d be paying a monthly housing expense anyways, why not pay it to yourself? When you compare the difference in net worth between a renter and homeowner, it’s crystal clear how owning a home impacts your long-term financial position.
The average median household net worth of a homeowner according to NAR is $300k, while renters is only $8k.
Are You Ready?
If you’re done dreaming about purchasing a home, and want to make it a reality, contact Catherine and Tiffany today!
They’ll be more than happy to discuss the different ways to help you find financial freedom through homeownership. With a team of local experts at their fingertips, they’ve helped hundreds of happy clients make their homeownership dreams come true.
What are you waiting for?