Yes, It’s true are numerous financial benefits of homeownership. Including, equity-building potential, substantial tax breaks, consistent monthly payments, and more. But there are probably even more intangible and non-financial benefits of owning a home – benefits that may actually outweigh the ones that affect only your finances. Here are 5 benefits of owning a Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas home that have nothing to do with your finances.
1. More Space To Spread Out and Better Relationships
Owning a Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas home almost always gives you more room than renting. Having more space does affect your finances in some ways, but it has a much bigger impact than that.
It can make room for better relationships with family members. In a survey conducted by Bank of America, “67% of current homeowners say their relationships with family and loved ones have changed since purchasing a home. 49% of participants saying that homeownership enabled them to bring the entire family together in one place.”
When you rent, you typically have limited space. This can make it hard to host your family for more than a day or two. Single-family homes usually offer more square footage and more opportunity for long-term visits and multi-generational living. With additional space, you can focus less on how to fit everyone comfortably and more on enjoying time together.”
2. Creative Personal Fulfillment
Yes, your finances play a role in personal fulfillment, but opportunities for creative expression do so even more. Owning a Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas home provides and expands those opportunities.
“A surprising benefit of homeownership is the inspiration to try new things. In fact, 76% of survey respondents stated that they pursued new hobbies after buying a home. These often include landscaping and gardening at 47%, cooking, baking, and grilling at 45%, and interior design at 33%. Owning a home also gives you the freedom to unleash your creativity without restrictive rental rules.”
According to another survey, “82% of homeowners are satisfied with the time they’re able to spend on hobbies and passions after purchasing a home.” Owning means that you have more opportunities to do what you like and to try new things. Do you have a passion for photography? When you own your home, you have the freedom to turn a bedroom into a home office or studio – and unleash your creativity.
3. Freedom to Have Pets of Your Choice
This benefit both does and does not have something to do with your finances. You may not be able to have any pets at all when you rent, and if you can, it’ll cost you.
Approximately 67% of US households own a pet. This means that those who are renting may be paying a landlord hundreds of dollars a year extra in non-refundable, monthly pet fees. Unfortunately, you may still have to worry about whether your landlord will have a problem with your furry friends. but you also need to be ready to pay for any property damage that may be incurred because of your pet.
When you own your home, though, you can have any number of pets you want without paying extra fees, but good luck with the vet bills ;). You’ll also have the freedom to change your home in a way that makes your pet more comfortable. Homeownership means saying goodbye to the guilt that comes with having an animal in someone else’s space. You have the freedom to welcome the pet that suits you and your family.
4. Permanence and Community
When you own a Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas home, you put down roots within a definite community. Many people find this creates a healthy sense of permanence and connectedness to those around you. Homeowners are more likely to form lasting friendships with neighbors and to build community ties.
5. Enhanced Happiness and Health
The pride of ownership that comes with owning your own home may not have anything to do with your finances, but it has a lot to with your happiness and health. Yes, you’ll build equity in your home, but you’ll also build “emotional equity.”
“Feeling settled and connected to your community can lead to a better overall quality of life. A recent survey revealed that homeowners reported improvement in their overall health after owning a home. Being able to make decisions about your own home appears to have an increase in life satisfaction and boosting self-esteem.”
This is an important benefit of owning a Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas home, for there are many things in life far more important than your finances.
Start With Steve in the Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas
It should be pretty plain, then, that the benefits of homeownership go far beyond how it impacts your finances. But if you don’t get the right home, you may not be able to fully enjoy these benefits. This is where we come in. We provide the knowledge and expertise to help you make the right decision. If you want to get in on these benefits of owning a Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas home that have nothing to do with your finances, then contact us today at 917-608-7277.