How Homeownership Can Bring You Joy

<article class="post-300348 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-300348"><span class="entry-date">May 18, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">How Homeownership Can Bring You Joy</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=How+Homeownership+Can+Bring+You+Joy&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-homeownership-can-bring-you-joy%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="How Homeownership Can Bring You Joy | 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/2022/05/17115141/20220518-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/05/17115141/20220518-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/05/17115141/20220518-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’re trying to decide whether to rent or buy a home, you’re probably weighing a few different factors. The <a href="https://www.simplifyingthemarket.com/2022/04/26/how-homeownership-can-help-shield-you-from-inflation/?a=712984-fa409495d5d70154d03a25e81e9540e2">financial benefits</a> of homeownership might be one of the reasons you want to make a purchase if you’re a renter, but the decision can also be motivated by having a place that’s uniquely your own.<span id="more-46505"></span></p>
<p>If you want to express yourself by upgrading and customizing your living space but are feeling held back by your rental agreement, <strong>it might be time to consider the perks of owning your home.</strong></p>
<h4><strong>A Little Change Can Bring Lots of Joy</strong></h4>
<p>There’s a significant level of pride that comes from <a href="https://www.simplifyingthemarket.com/2022/04/27/the-dream-of-homeownership-is-worth-the-effort/?a=712984-fa409495d5d70154d03a25e81e9540e2">owning a home</a>. That’s because it’s a space that truly belongs to you.</p>
<p>A <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf">recent 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>“<strong><em>There were numerous interior projects that received a perfect Joy Score of 10:</em></strong><em> 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>
</blockquote>
<p>The report also breaks down just how much each of these projects can enhance your emotional attachment to your home, even leading you to want to spend even more time in the space <em>(see graph below):</em></p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/05/17115143/20220518-MEM-Eng-1.png"><img alt="How Homeownership Can Bring You Joy | Simplifying The Market" class="aligncenter wp-image-46507" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/05/17115143/20220518-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/05/17115143/20220518-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/05/17115143/20220518-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<p>And while many of the items NAR highlights are larger tasks, some, like painting rooms, are much smaller. Even those quicker projects can still bring you a greater sense of joy and accomplishment. Not to mention when you make upgrades in your home, you could be increasing its value which also gives your <a href="https://www.simplifyingthemarket.com/2022/03/28/a-key-to-building-wealth-is-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">net worth</a> a boost if you invest your time and effort wisely.</p>
<h4><strong>You’re Free To Update Your Home to Your Heart’s Content</strong></h4>
<p>These types of updates can result in additional <a href="https://www.simplifyingthemarket.com/2022/02/01/why-a-move-could-bring-you-more-happiness-this-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">happiness</a> when you complete them, but there’s another reason you can feel good as a homeowner. In most situations, you’re free to renovate or update the interior of your home without needing additional permission. But as <em>Business Insider</em> <a href="https://www.businessinsider.com/personal-finance/renting-vs-buying-a-house-2022-3">points out</a>, renters may not have the same freedom:</p>
<blockquote>
<p><em>“Your landlord won’t always approve changes when you rent. <strong>But you have the power to update the home when you’re the owner.</strong> (Just make sure any big changes are approved by your homeowner’s association, if necessary.)”</em></p>
</blockquote>
<p>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. That’s one major <a href="https://www.simplifyingthemarket.com/2022/03/22/the-many-benefits-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">benefit</a> of owning your own home. 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>
<h3><strong>Bottom Line</strong></h3>
<p>Deciding whether to rent or buy is a personal decision. The financial benefits are critical, but don’t overlook the emotional impact homeownership can have. Let’s connect to discuss all the benefits you can enjoy when you purchase your own home.</p>
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