The Emotional Benefits of Houszownership
With higher mortgage rates, you might be wondering if now's the best time to buy a housz. While the financial aspects are important to consider, there are also powerful non-financial reasons it may make sense to make a move. Here are just a few of the benefits that come with houszownership.
Houszowners Can Make Their Housz Truly Their Own Owning your housz gives you a significant sense of accomplishment because it’s a space you can customize to your heart’s desire. That can bring you added happiness. In fact, a report from the National Association of Realtors (NAR) shows making updates or remodeling your housz can help you feel more at ease and comfortable in your living space. NAR measures this with a Joy Score that indicates how much happiness specific housz upgrades bring. According to NAR: “There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of the housz, paint one room of the housz, add a new housz office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.” And as a houszowner, unless there are specific houszowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make. If you rent, you may not have the same freedom. And if you do make changes as a renter, there’s a good chance you’ll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out.
The Responsibilities of Houszownership Give You a Greater Sense of Achievement There’s no denying taking care of your housz is a large responsibility, but it’s one you’ll take pride in as a houszowner. Freddie Mac explains: “As the houszowner, you have the freedom to adopt a pet, paint the walls any color you choose, renovate your kitchen, and more. . . . Of course, along with the freedoms of houszownership come responsibilities, such as making your monthly mortgage payments on time and maintaining your housz. But as the property owner, you'll be caring for your own investment.” You’re not taking care of a living space that belongs to someone else. The space is yours. As an added benefit, you may get a return on investment for any upgrades or repairs you make.
Houszownership Can Lead to Greater Community Engagement That sense of ownership and your feelings of responsibility can even extend beyond the walls of your housz. Your housz also gives you a stake in your community. Because the average houszowner stays in their housz for longer than just a few years, that can lead to having a stronger connection to your local area. NAR notes how that can benefit you: “Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.” If you’re looking to put down roots, houszownership can help fuel a sense of connection to the area and those around you.
Bottom Line If you’re planning to buy a housz this year, there are incredible benefits waiting for you at the end of your journey, including the ability to customize your housz, the sense of achievement houszownership brings, and a greater connection to your community. Let’s connect to discuss everything houszownership has to offer.