If you’re tired of renting, but not sure if you’re ready to purchase a home yet, there are some financial and non-financial factors to consider when making your decision to purchase a house. Aside from building equity and investing in your future, there are also personal benefits that could encourage your decision to purchase a home. Read on to learn more about these factors.
Homeownership and Stability
A report done by the Unison’s The State of the American Homeowner, showed that 91% of people feel secure, stable or successful by owning a home. Additionally, 70% of homeowners feel emotionally attached to their homes that kept them safe during the pandemic.
Homeownership and Personalization
Homeownership not only allows individuals to have a space of their own. It also provides them the ability to do what they want with the space (i.e. paint, renovate, etc.). According to Unison’s study, 29% of remote working homeowners have converted a spare room into an office. Creating an office space could give you the flexibility of having a comfortable space to work from home.
If you’re interested in fitness, but have little time for the gym. Then homeownership could give you the option to create a personal exercise space. Unison reports that during the pandemic 16% of homeowners have purchased gym equipment or have made a dedicated exercise space for themselves.
Owning a home will allow you to personalize the interior to your design taste. Such as being able to select the flooring, wall colors, décor, and layout that feels personal and comfortable to you. You landlord may not allow changes to the interior décor (make sure to review your rental contract before doing so).
If you don’t want to be under your landlord’s restrictions and would like to create a space of your own. Then becoming a homeowner could give you the freedom to make those dreams a reality.