Tax credits and equity are certainly great incentives for buying real estate, but there are also significant emotional benefits when it comes to owning a home. In Bank of America’s 2019 Fall Homebuyer Insights Report, 93% of respondents said owning a home made them happier than renting, and 89% said that “owning a home is a way to build lifelong memories with loved ones.” We couldn’t agree more! Keep reading for four non-financial reasons to buy a new home.
More room for family
Renting often means a limited amount of space, which can make it hard to host family for more than a day or two. According to the Bank of America survey, “67% of current homeowners say their relationships with family and loved ones have changed since purchasing a home,” with 49% of respondents saying that home ownership “enabled them to bring the entire family under one roof.” Single-family homes usually offer more square footage and more opportunity for long-term visits and multi-generational living, so you can focus less on how to fit everyone comfortably and more on enjoying time together.
Connection to community
Another exciting benefit of homeownership is the chance to put down roots. Owning a home can create a sense of permanence, encouraging you to form lasting friendships with your neighbors and build ties with your community. And, 78% of homeowners state that they’re happy with their social lives, as opposed to 58% of prospective homebuyers, according to the survey.
Personal fulfillment
A surprising benefit of homeownership is the inspiration to try new things. In fact, 76% of survey respondents stated that they pursued new hobbies after buying a home, including landscaping and gardening at 47%, cooking, baking and grilling at 45% and interior design at 33%.
Owning a home also gives you the freedom to unleash your creativity without restrictive rental rules. Paint your bedroom that bold color you’ve always loved, install new lighting and remodel to your heart’s content—it’s all up to you!
Security and stability
When you’re renting, you’re susceptible to sudden fluctuations in monthly payments, policy changes and even being kicked out. Owning a home gives you freedom from the whims of your landlord and the peace of mind that no one is going to raise your rent next month. Monthly mortgage payments, especially with fixed-rate mortgages, are much more reliable, helping you budget and plan for future goals with confidence.