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. It is good to consider all of the ways homeownership can affect your life if you’re planning to buy a home now. Here are some of the advantages of home ownership.
Personal and Emotional Benefits
Owning your home gives you a significant sense of pride because it’s a space that is truly yours. You can also personalize your property to your heart’s content as a homeowner. Having a place where you’ve left your mark can boost your sense of pride and ownership.
That sense of belonging can also assist develop social, community, and civic advantages outside of your home. Because the average homeowner owns their home for more than a few years, this is the case. As a result, the longer you live somewhere, the more you’ll have a deeper sense of belonging to the community. This can make you feel more connected to your community as a whole and feel more invested in it.
Significant Step Toward Financial Stability
Did you know? The Average Homeowner Gained More Than $55K in Equity over the Past Year
Homeowners benefit financially from home equity increases, price appreciation, and having 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.
Lawrence Yun, Chief Economist for NAR, explains how you can start to see these lasting effects 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.”
Knowing you’ve made a good investment soon after your purchase is powerful. And that may give you confidence in your decision to buy a home.
A Key To Building Wealth Is Homeownership
Your home will provide a place to customize and call your own, in addition to stability and security. The benefits of owning a home are foundational. As a homeowner, you can feel proud of the space you call home and know you’ve made a sound financial investment. To learn how homeownership can help you, let’s connect to start the conversation today. Email me at email@example.com