Most people hear about the benefits of home ownership being financial. There is equity, increase in values, and tax write-offs. You may not have heard about the other benefits that are not financial. These include stability, health, and community.
Much of the stability comes from the freedom to be able to do what you want with your property. You can paint walls any color you want, create the space that is most conducive to your lifestyle, you can have pets!
People who own their own home are more likely to feel empowered to make their home more healthy as well. As a renter, most people don’t concern themselves with what materials are in the walls, floors, tiles, and paint. They don’t usually go into the attic or crawlspace. Homeowners are more likely to be aware of the condition of the home because it is their responsibility to fix the leaky roof or get rid of any mold growth to help with allergies. Homeowners are more likely to want to clean up their yards, adding to more physical exercise and Vitamin D.
There are studies that have proven that the way to a long happy life is to have relationships. Community is very important to our health and as homeowners, we are more likely to engage with our neighbors when we know we’ll be living with them for a long period. We take pride in not just our properties but our streets and neighborhoods as well.
Equity, home values increasing, and tax benefits are great, but when you factor in the nonfinancial benefits of owning a home it is a wonder why anyone wouldn’t want to be a homeowner as soon as possible!
If you haven’t taken a home buying class, or if you know someone that would benefit from it, please sign up here.