Lisa Mailhot | September 21, 2023
Purchasing and possessing your own residence can exert a significant influence on your life. While there exist financial motives for becoming a homeowner, it is crucial to consider the non-monetary benefits that elevate a home beyond merely being a place of residence.
Here are some of the foremost non-financial rationales for acquiring a home.
As per findings from Fannie Mae, 94% of respondents in their survey emphasize that "Having Control Over What You Do with Your Living Space" ranks high as a prime motivation for property ownership.
Your home genuinely becomes your personal haven. In the case of homeownership, unless there are specific stipulations from homeowner associations, you possess the liberty to adorn and modify it according to your preferences. This means you can effect minor alterations or undertake substantial renovations to mold your abode into your ideal living space. Investopedia elaborates:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”
When you are a tenant, it may be challenging to instill a profound sense of ownership in your place. Furthermore, any alterations made might necessitate reversal upon departure. Conversely, if you are a homeowner, you can shape it precisely to your liking. Such a high degree of personalization can cultivate a profound sense of pride in your place of residence, fostering a deeper connection to it.
Fannie Mae also reveals that 90% of respondents regard "Having a Good Place for Your Family To Raise Your Children" as a paramount reason for favoring homeownership.
Another crucial consideration pertains to your current life stage. U.S. News provides insight:
“For those with young children, buying a home and putting down roots is a major driver. . . . You don’t want the upheaval of a massive rent increase or a non-renewed lease to impact your sense of stability.”
Irrespective of the milestones in your life, stability, and predictability hold the utmost significance. This is because the one constant in life is change itself. Amidst the flux of life's transitions, possessing a familiar dwelling and being free from the specter of frequent relocations can engender greater feelings of security and comfort for you and your loved ones.
Lastly, Fannie Mae notes that 82% of respondents underscore "Feeling Engaged in Your Community" as a significant motivation for homeownership.
Moreover, owning your home deepens your sense of belonging to your local community. On average, homeowners tend to reside in their homes for approximately nine years, as reported by the National Association of Realtors (NAR). With the passage of time, it is only natural to forge friendships and cultivate strong bonds within the community. As articulated by Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP):
“Homeowners also tend to be more active in their local communities . . .”
When you hold a profound concern for the well-being of your neighbors, you are inclined to contribute positively to the betterment of your local vicinity.
The ownership of a home can enhance your life by imparting a sense of achievement, pride, stability, and connectedness. If the idea of becoming a homeowner intrigues you and you desire further insights, please do not hesitate to get in touch with us.
Stay up to date on the latest real estate trends.
Lisa Mailhot | November 30, 2023
Experience Unique Living: Converted Churches, Barns, and Factories Turned Homes. Discover the charm of unconventional conversions with history, character, and modern c…
Lisa Mailhot | November 28, 2023
Delve into the secrets of Orange County, California, with our blog featuring captivating trivia facts. Whether you're a potential buyer, seller, or a curious tourist, …
Lisa Mailhot | November 27, 2023
Uncover 2023 Orange County Housing Market Trends: Delve into median sold prices, sales metrics, and market dynamics to understand if it's a buyer's or seller's market.…
Lisa Mailhot | November 22, 2023
Stuck in a last-minute gift scramble? Discover seven low-stress, last-minute gift ideas that'll delight your loved ones and elevate their home experience. From cozy th…
Lisa Mailhot | November 21, 2023
Explore the changing real estate landscape influenced by declining mortgage rejection rates. Discover the opportune moment for buying or selling your home while improv…
Lisa Mailhot | November 20, 2023
Selling your home with challenging neighbors? Learn how to handle noisy, disrespectful, or problematic neighbors effectively. Follow these tips to ease the selling pr…
Lisa Mailhot | November 16, 2023
Get the latest insights into the Orange County real estate market. Discover trends, notable closings, and the impact of the holiday season on inventory. Stay informed …
Lisa Mailhot | November 15, 2023
Stay informed on FHFA's 2024 multifamily loan purchase caps, totaling $140 billion for Fannie Mae and Freddie Mac. Explore the impact on the multifamily market and its…
Lisa Mailhot | November 14, 2023
Learn about the rise of alternative lenders, such as parents, as a solution to the affordability challenge in today's real estate market. Explore available options for…
You’ve got questions and we can’t wait to answer them.