Home Ownership Benefits More Than Your Bottom Line
While the financial benefits of homeownership have been noted for generations, many don’t realize the social value of homeownership. Studies show that homeownership can also benefit your mental health as well as the community around you. In fact, 93 percent of homeowners claim to be happier after they buy their home.
A study from the National Association of Realtors, (NAR), shows that homeowners have higher self-rated health compared to non-homeowners. The same study also indicated that homeowners have higher perceived control over their lives along with higher self-esteem and happiness rates than renters.
Compared to renters, homeowners often remain in one area for longer periods of time, adding a certain degree of stability to the neighborhood. Homeowners are more likely to uphold the maintenance of their properties and surrounding areas. When living in a permanent home, people are naturally inclined to learn more about local politics, schools, organizations, and infrastructure, leading to greater civic participation.
Homeowners often have more incentives to deter neighborhood crime when compared to renters because of their ties to a given area. Areas with a high percentage of homeowners are therefore more likely to have voluntary crime prevention programs and lower rates of a property crime when compared to markets dominated by rental properties.
Owning the home allows you to modify and change it to suit your lifestyle and taste, and could even boost the property’s value in the process. Renters don’t have this freedom, and could be risking their security deposit for as much as painting a wall.
While at first it seems like buying a home is a major expense, in many ways it’s much cheaper than renting. In half of the American housing markets, it costs more to rent than to own. In addition, money spent on rent every month counts as a loss, while money spent to pay your mortgage is essentially putting that money into building wealth.
For those renting an apartment, you end up compromising some privacy. There’s often just a layer of plywood and drywall between your neighbor’s irritating piano playing and you. If you want to turn up the volume on some music while you clean the house, you could risk upsetting your neighbors.
The benefits of homeownership are more complicated than your increased net worth or long-term financial goals. Building relationships with your neighbors and often times associations with local business owners also delivers social value.
If you’re ready to dive into homeownership, The Platinum Group Realtors are the local experts that can help you find the right fit for your family.
With the experience and skills necessary to guide you, the team at Platinum Group approaches each individual client proficiently to ensure that all decisions made are in your best interest. During demanding times like these, a trusted real estate professional can help ensure your experience is as successful as possible. The Platinum Group, Realtors have worked for years at growing and refining their skills, and are ready to share their expertise, knowledge on market conditions, and accomplished negotiation techniques.
For a no-obligation consultation, call today: (719) 536-4478 or visit PlatinumHomesSales.com.