For many people around the country, the dream of owning a home is one they have had for most of their lives. Unfortunately, when most people are ready to take the final steps, they find themselves overwhelmed. After all, owning a home requires a significant investment of time, money and energy. In the stress of finding your dream home, it can be easy to lose track of why you wanted to move in the first place. My advice is to not get caught in the stress of it all. But as someone who has helped countless clients find their forever homes, I can tell you there is a rainbow on the other side of the storm. In this article I cover five ways owning a home can bring happiness into your life.
Owning A Home Gives A Sense Of Stability
With rent hikes being an increasingly common experience for renters of houses and apartments, people don’t tend to stay in one place for long. According to one study done by Zillow, 42 percent of long-term renters plan to move within a year.
Since owning a home represents a larger investment, it makes sense to stay in them for longer. This allows you and your family to settle into a space, making it easier to establish your place in your community, whether that be at work or at school for your children. This sense of stability and knowing where you will be within two to five years allows you and your family to plan for the future and create the life you want to live.
Making Your New Home Your Dream Home
One of the biggest limitations of renting is the inability for renters to make significant changes to the property. Even hanging pictures or mounting things on the walls can cause friction in certain rental situations. But when you own a home, you get to decide what innovations or updates you would like to see.
If you want to add a fence in your front yard for your fur baby to run around in, you can. If you want to update your appliances or replace that dingy carpet with smooth hardwood floors, you’re free to do so. Owning a home opens up a world of possibilities, allowing you to create the space you’ve always wanted to live in.
Here are a few budget-friendly options some homeowners pursue. Whether you are looking for a small change like painting a room or getting those chic granite countertops you’ve always wanted, anything is possible when you own a home.
Owning A Home Is A Strong Investment
While renting a home can often feel like watching your hard-earned money evaporate in front of you, owning a home is an investment. Whether you plan to eventually pass on your home to your family or you want to move into a home that is a better fit for your household in five to 10 years, your home will continue to accrue capital for you. From 2020 to 2022 alone, the average home price increased 35.1 percent according to iProperty Management.
Knowing that you can rely on your home to provide for you and your family down the road can remove a lot of the financial burden many people experience, making it easier for people to pursue the things that make them happy.
Buying A Home Makes Financial Sense
While owning a home requires a significant investment at the beginning, most renters end up paying more in the long run. Even if you must mortgage your home, most homeowners will spend less than renters, especially since mortgages can be negotiated according to your household income, whereas the cost of rent is in the hands of landlords.
Owning A Home Means More Living Space
With more people choosing to work from home, having a home office is more important than ever. While trying to focus on their work, many renters have to contend with rowdy neighbors or running their business from the kitchen table. When you own a home, the only noise you’ll have to focus around will be coming from your own house.
Even if you are commuting to the office, having space to spread out at home can be a huge boost to your personal well-being. Finding a reasonably priced place to live shouldn’t mean you have to squish your family into one cramped room. Owning a home will help you spread out and breathe a little easier.
Final Thoughts
Buying a home is a big choice for you and your family, and it should be taken seriously, but that doesn’t mean you should stop yourself from daydreaming. Owning a home is an exciting endeavor, full of new opportunities for autonomy and financial freedom. So, if you find yourself getting lost in the storm clouds, remember that on the other side of the rain, there will be sun.
If you are thinking of buying a home in Navarre, Florida, let me help make your buying experience easier. Contact me today to discuss your options. You can send me note on my contact page or give me a call at 914-447-4847.