| EMOTIONAL BENEFITS TO OWNING A HOME |
| When people think about buying a home, they’re often attracted to the possible financial benefits. These include tax deductions they may be able to take, as well as the potential to build their net worth, as they pay off their mortgage while the property could increase in value over time. But buying a home is much more than a wise financial investment. You might feel differently as a homeowner than you did as a renter. Here are some of the emotional reasons homeownership is on many people’s life goals lists. |
| A Sense of Accomplishment. For most people, buying a home is a major milestone, It’s the largest purchase they make in their lives. Achieving that goal really does feel good. In fact, homeownership has been connected to emotional well-being and better mental health states. One survey scored the overall happiness level of homeowners at 88%, compared to just 67% for renters. |
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| A Sense of Stability. As a homeowner, you are able to put down roots. Instead of having to move each time your lease renews and the rent goes up, you’re living in a place where you can stay put for a while. This sense of stability benefits the entire family. According to the National Association of Realtors: “Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success.” |
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| A Stronger Sense of Belonging. Homeowners tend to be more involved in their local communities. That’s because as a homeowner, you have an actual stake in the community’s future. This makes it natural to want to become more involved in what’s going on in the area—and to do what you can to help improve it. These activities lead to a stronger sense of belonging, as you connect with neighbors and other area residents, developing what often become mutually fulfilling long-term relationships. |
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| The Satisfaction of Living in a Space You’ve Made Your Own. As a homeowner, you own the place you live. Unless you have specific condominium or homeowner association requirements, you’re free to customize your living space however you like. Instead of letting a landlord’s rules cramp your style, you can design your home to express your own unique style, tastes, and needs. From décor decisions, to small improvements, to major renovations, you can make your home exactly what you want and need it to be. Plus, as your tastes and needs change, your home can too. In the end, there’s nothing that matches the feeling of coming home to a place that feels like you. |
The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
