Deep down, you’d love to own a home, but whenever you take steps beyond scrolling through Zillow, a chill runs up your spine and you can’t move forward. I get it—you’re about to make a life-changing and large purchase, and you’re spooked.
Maybe you’re not sure if your space needs will change within a few years. Or, if you’re an adventurer, you may be worried you’ll feel trapped in one place. Perhaps you’re worried about the economy’s impact on your purchase.
While I can’t tell you if you’re going to have 3 more kids in 5 years, I can give you several reasons why buying isn’t that scary.
A survey by Gallup just ranked real estate as the best investment you can make for the eighth year in a row. But there’s more than just financial benefits to owning a home. Homeownership builds emotional and financial equity, but emotional value holds more weight. In fact, more than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment.
Non-financial Benefits:
- Civic Participation: Owning a home is owning a part of your neighborhood. Homeowners have a stronger connection to their neighborhoods which leads to increased incentives to participate in local politics and community organizations.
- Freedom to Make Changes: Owning a home is having a space that is uniquely yours. You can customize it to your personal liking and make it reflect your personality and values. 82% of homeowners are satisfied with the time they’re able to spend on hobbies and passions after purchasing a home. Whether it’s cooking, painting, or gardening, having the space to do what you love is priceless.
- A Space for Pets: Approximately 67% of U.S. households own a pet, and owning a home means no more worrying about whether your landlord will have a problem with your furry friends (or charge you extra to have them). Homeownership means saying ‘goodbye’ to the guilt that comes with having an animal in someone else’s space and fully embracing pet ownership.
- Financial Education: One little-known perk of homeownership is that, oftentimes, the financial knowledge that comes with buying a home will be passed onto future generations. By demonstrating the financial skills required to handle mortgage payments, parents can help prepare their children for several financial decisions.
Financial Benefits:
- Tax Advantages: Owning a home comes with a few tax benefits! You may be able to deduct your mortgage interest, real estate taxes, points, and private mortgage insurance. Be sure to talk to a tax professional to find out more.
- Building Wealth: As your property increases in value, so does your equity. Equity refers to the amount of value you have in an asset. As you pay off your mortgage each month, you will be building equity in your home. You could use that extra money to reinvest in a new home, contribute to your retirement savings, or accomplish other financial goals. Rent money on the other hand, disappears without allowing you to build any equity over time. (That’s truly scary).
- Stability: Owning a home means having better control over your future housing payments. Over the years, a mortgage stays relatively steady, but rent costs continue to rise.
You may still be weary, and I understand that. Bottom line – there are several benefits to owning a home, and I’d love to help you realize those benefits. Message or call me and let’s talk about what benefits homeownership might bring to you.
Arynne
PS: Not sure if you’re quite ready to move to your next home just yet? No problem. The sooner you start learning the ins and outs of this process, the better. Click here to book a real estate possibility call with me today.
