The Non-Financial Benefits of Owning a Home

We all know there are financial benefits to buying a home but let’s talk today about the non-financial benefits to owning a home!

There are financial benefits to buying a house like tax deductions and equity building. But buying a house is a lifestyle choice and not just a financial decision.

Non-Financial Benefits of Owning a Home

Let’s talk about the emotional side of home buying.

Buying a house brings you a sense of accomplishment. For most people, buying a house is the biggest financial investment they’ll ever make. They save for a down payment and buy something that’s a source of pride and gives them a huge sense of accomplishment. Buying a house is really a bucket list item for a lot of people.

A home usually affords you greater privacy and comfort. There’s often more space, generally a private yard, and you have an exclusive right to the access of the property. You make the rules about who comes in or out and there’s no landlord that’s allowed access at various times. That sense of privacy also naturally leads to a greater sense of comfort.

Owning a home also gives you a more meaningful connection to community. When you’re renting a house or living in an apartment, it can be a little bit tougher to put down roots. Everything can change year to year. When you buy a house, you’re usually making a choice to stay a while … and that often means you want to plug into the area, meet people, and help foster a sense of community. It’s been shown that strong social ties are crucial to mental health, lowering stress and anxiety, and helping people thrive. That’s a pretty great reason to think about buying a house, isn’t it?

One of the things new homeowners really love about buying a house after renting is having the freedom to customize it. Want to paint? Go ahead. Want to change the flooring? Perfect. Is wallpaper your thing? Go for it. Owning a house is a lot of fun if you love customizing or DIYing. If you think you might sell in the near future, you may want to avoid certain things in order to keep resale value up but I’m also a firm believer that a house should feel like a home and that might mean choosing some interesting paint colors or project choices.

Do you own a house? I’d love to hear what you think about these non-financial benefits. Do you agree with them? Leave a comment below!

If you don’t already own a home but you’re thinking about buying this year, reach out and let’s discuss your home buying strategy.