With Valentine’s Day around the corner, the subject of love is a reoccurring theme. Have you ever asked yourself the questions: Do I love where I live? What is better – renting or buying? These are questions that most people consider at one time or another in their lives. There is no universally correct answer but owning may be the better choice for you. There are many benefits to love about homeownership, and they are not all financial. Being a part of a neighborhood, driving academic achievement, and improving mental health are just a few of these advantages.
Here are 7 reasons to fall in love with the rewards of owning your own home:
1) Educational Achievement
Studies show that homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old.
2) Civic Participation
“Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteering. Owning creates a sense of community and belonging.
3) Health Benefits
Adjusting for a range of demographic, socioeconomic, and housing-related characteristics, homeowners have a substantial health advantage of renters.
4) Public Assistance
Minimize your debt! 47% of homeowners use their home equity credit lines to help pay off other debts, diminishing their need for public assistance.
5) Property Maintenance and Improvement
A well-maintained home not only generates benefits through consumption and safety, but a high-quality structure also raises mental health.
6) Pride of Ownership
This place is uniquely “yours.” Owning your own home gives you the freedom to customize it the way you want, according to your interests and personality. When you rent, it can be extremely difficult, if not impossible to make improvements due to the strict rules landlords lay down. For example, you can adopt the animal you choose without worrying about breed restrictions, extra deposits, or rent. Although if you purchase a home in a HOA, be sure to abide by their rules and regulations.
7) Making Memories
Home is where lifelong memories are made. A house is simply a physical structure, but a home is a place where you create meaningful memories with loved ones. It is a safe space for celebrating old traditions while creating new ones at the same time. By purchasing a house, you are putting down roots in a place for you and your family to enjoy for a long time.