The Emotional and Non-financial Benefits of Homeownership

<article class="post-497550 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-497550"><span class="entry-date">October 17, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Emotional and Non-financial Benefits of Homeownership</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Emotional+and+Non-financial+Benefits+of+Homeownership&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-emotional-and-non-financial-benefits-of-homeownership%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="The Emotional and Non-financial Benefits of Homeownership | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/10/14103720/20221017-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/10/14103720/20221017-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/10/14103720/20221017-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>With higher <a href="https://www.simplifyingthemarket.com/2022/10/04/the-cost-of-waiting-for-mortgage-rates-to-go-down/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage rates</a>, you might be wondering if now’s the best time to buy a home. While the <a href="https://www.simplifyingthemarket.com/2022/10/05/the-long-term-benefit-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">financial aspects</a> are important to consider, there are also powerful non-financial reasons it may make sense to make a move. Here are just a few of the benefits that come with homeownership.<span id="more-47308"></span></p>
<h4><strong>Homeowners Can Make Their Home Truly Their Own</strong></h4>
<p>Owning your home gives you a significant sense of accomplishment because it’s a space you can customize to your heart’s desire. That can bring you added happiness.</p>
<p>In fact, a <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf">report</a> from the <em>National Association of Realtors</em> (NAR) shows making updates or remodeling your home can help you feel more at ease and comfortable in your living space. NAR measures this with a <em>Joy Score</em> that indicates how much happiness specific home upgrades bring. According to NAR:</p>
<blockquote>
<p><em>“<strong>There were numerous interior projects that received a perfect Joy Score of 10</strong>: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.”</em></p>
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<p>And as a homeowner, unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.</p>
<p>If you <a href="https://www.simplifyingthemarket.com/2022/09/30/why-buying-a-home-may-make-more-sense-than-renting-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">rent</a>, you may not have the same freedom. And if you do make changes as a renter, there’s a good chance you’ll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out.</p>
<h4><strong>The Responsibilities of Homeownership Give You a Greater Sense of Achievement</strong></h4>
<p>There’s no denying taking care of your home is a large responsibility, but it’s one you’ll take pride in as a homeowner. <em>Freddie Mac</em> <a href="https://myhome.freddiemac.com/blog/homeownership/4-benefits-owning-home">explains</a>:</p>
<blockquote>
<p><em>“As the homeowner, you have the freedom to adopt a pet, paint the walls any color you choose, renovate your kitchen, and more. . . . Of course, along with the freedoms of homeownership come responsibilities, such as making your monthly mortgage payments on time and maintaining your home. <strong>But as the property owner, you’ll be caring for your own investment.</strong>”</em></p>
</blockquote>
<p>You’re not taking care of a living space that belongs to someone else. The space is yours. As an added benefit, you may get a <a href="https://www.simplifyingthemarket.com/2022/09/12/getting-your-house-ready-to-sell-work-with-an-agent-for-expert-advice/?a=712984-fa409495d5d70154d03a25e81e9540e2">return on investment</a> for any upgrades or repairs you make.</p>
<h4><strong>Homeownership Can Lead to Greater Community Engagement</strong></h4>
<p>That sense of ownership and your feelings of responsibility can even extend beyond the walls of your home. Your home also gives you a stake in your community. Because the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf">average homeowner</a> stays in their home for longer than just a few years, that can lead to having a stronger connection to your local area. NAR <a href="https://www.nar.realtor/promoting-home-ownership">notes</a> how that can benefit you:</p>
<blockquote>
<p><em>“Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”</em></p>
</blockquote>
<p>If you’re looking to put down roots, homeownership can help fuel a sense of connection to the area and those around you.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of <a href="https://www.simplifyingthemarket.com/2022/10/07/the-journey-to-buy-a-home-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">your journey</a>, including the ability to customize your home, the sense of achievement homeownership brings, and a greater connection to your community. Let’s connect to discuss everything homeownership has to offer.</p>
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