5 Benefits of Homeownership

5 Benefits of Homeownership

When you work in real estate, you spend much of your time in the weeds of a transaction. We tend to forget that the ultimate goal is to make our buyer clients happy when they close on their home purchase.  There is true joy that comes from homeownership.  Here’s a nice list to show the 5 benefits of homeownership!  Real estate is all about real people being able to call someplace their own—a small slice of earth where they can lay their head at night and make a future for themselves and their families.

June is National Homeownership Month, making it the perfect time to remind people of some of the benefits of homeownership that we don’t always shine enough light on.

So, here are some of the true benefits of homeownership that we hear about from many first-time homebuyers:

1. Locked-in monthly expenses

Renting and hopping around from place to place can be exhausting—not only because of the constant upheaval, but also because rents keep rising. Rental rates in the Gainesville area are high. Buying a home fixes your costs and allows you the peace of mind of knowing your mortgage payment will be the same next year as it is this year. This might not seem so dramatic when you look at it in the short term, but if you’re thinking ten, fifteen years out, it’s a big deal.  Many of our clients have discovered that they can own a home rather than rent.

2. Building a nest egg

In addition to fixing your monthly costs, you’re also buying an asset for yourself.  The majority of Americans have a significant portion of their net worth in their home’s equity. Your home’s equity is a reliable way to accumulate wealth over time. Many homebuyers are sick of throwing their hard-earned money towards rent, and love the idea of using a home sort of like a savings account, especially when residential real estate has consistently appreciated over time. While it might not be the get-rich-quick scheme many people dream of, if you’re going to pay for a place to live anyway, why not be the primary beneficiary of your own hard work?

3. The joys of personalization

Sure, you can decorate an apartment or a rented house, but you can never make those intrinsic changes that make a place truly feel like it represents you. Spend enough time in a home and you’ll know exactly what you want to change to make it perfect. And decorating and remodeling can (and should) be fun. Your home is your castle, and you should make yourself feel as comfortable as possible. That’s why most people choose a home that has just the right amount of stuff they love, whether it be location, kitchen, or layout, and then change the rest of it themselves to truly make it their own.

4. Becoming part of a community

You can, of course, become a member of a community when you rent. But ownership conveys a deeper sense of belonging, especially on your end. Think about how you feel when you accidentally break something at home. When you own, the emotional frustration is deeper because that home belongs to you. It’s this same concept that drives communities to push for higher rates of owner-occupancy and homeownership. People who own in a community tend to have a bigger stake in it, if not only out of self-interest. When you buy, you’re not only making a commitment to yourself, you’re making one to your entire neighborhood.

5. A safe place to call your own

People have long valued a place to come home to and call their own. It is where we go when we’re done being out in the world. It’s a safe refuge where we can close the door and rest, spend time with our families, and be ourselves without having to worry about other people. A home gives us our own sanctuary—something every human being needs to feel safe and secure. At the end of the day, this is the most powerful reason why people strive to buy homes, and the true benefit of homeownership that outweighs all the others.

Those are just a 5 benefits of homeownership. But everyone has their own personal reasons for wanting a home.

So if you’re already a homeowner, let’s hear what you love about homeownership!

And if you’re wanting to be a homeowner, what would owning a home mean to you?  Please know that we are here to help YOU become a homeowner in 2020!