Tax credits and potential equity are certainly great incentives for buying real estate, but there are also significant emotional benefits of home ownership. In Bank of America’s 2024 Homebuyer Insights Report, 89% of the prospective homebuyers surveyed said “the idea of owning a home brings emotional fulfillment rather than added stress,” while 67% cited fostering a sense of permanence and enhanced emotional stability as a factor in wanting to buy a home rather than continuing to rent. We couldn’t agree more! Keep reading for four non-financial benefits of home ownership.
More room for family
Renting often means a limited amount of space, which can make it hard to host 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, so you can focus less on how to fit everyone comfortably and more on enjoying time together.
Connection to community
Another exciting benefit of homeownership is the chance to put down roots. You’re no longer a temporary resident of a generic housing unit, you’re part of a group of fellow homeowners. Owning a home can create a sense of permanence, encouraging you to form lasting friendships with your neighbors and build ties with your community.
Personal fulfillment
A surprising benefit of homeownership is the inspiration to try new things. According to the Bank of America report, 58% of those surveyed said that “owning a home is the best long-term decision for them to have control over their own living space.” Without a landlord to worry about, you’re now able to set rooms up however you want—including creating a home gym, work stations, a basement bar, the laundry room of your dreams and more!
Security and stability
When you’re renting, you’re susceptible to fluctuations in monthly payments, policy changes and even being kicked out. Owning a home gives you freedom from the whims of your landlord and the peace of mind that no one is going to raise your rent next month. Monthly mortgage payments, especially with fixed-rate mortgages, are typically much more reliable, helping you budget and plan for future goals with confidence. Be sure to check out our special financing offers when you’re ready to graduate from renting to owning!
Ready to begin your homebuying journey? Call 888-500-7060 to speak with a New Home Specialist!
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