Happy Homeownership Month Benefits Beyond the Bottom Line
BENEFITS BEYOND THE BOTTOM LINE
Dorothy was right. There really is no place like home. Americans treasure a space to call their own, and we celebrate June as National Homeownership Month! It’s no secret that owning a home is a solid investment. But there are many benefits to homeownership that are just as valuable as earning equity.
Whether you currently own or aspire to someday, here are just a few of the perks of finding – and flourishing in – your own distinctive domicile:
Healthy Head Start
Having a homestead can actually make you healthier. The National Association of Realtors released a study1 in 2016 stating that homeowners are 2.5 to 3.1 percent more likely to have good health, and report higher life satisfaction overall. Who knew that a mortgage could magnify your wellbeing?
One of the most powerful emotional benefits to homeownership is that it provides an opportunity to put down roots in a community. Making new neighborhood friends not only feels good, it actually gives you a chance to do some good. Offer to help any neighbors in need (elderly, single parents, etc.) to maintain or beautify their own home and landscape. Host a simple block party with light refreshments to bring everyone together to welcome new arrivals and catch up with long-time residents.
While some rental properties allow pets, there are often strict limitations in terms of how many and what kind you can have. Unless you are planning to start a virtual petting zoo, most homeowners’ associations (HOAs) offer more leeway when it comes to bringing animals into the family fold.
A new home is the perfect canvas for letting your creative streak run wild. Whether you want to paint the walls purple or just opt for a little understated crown molding here and there, you’ve got free reign. So, have fun with it! Grab some decorating magazines, browse ideas online or invite a design-savvy friend over for coffee and an inspired brainstorming session.
The Great Outdoors
Time outside is one of the best ways to refresh and de-stress. And what better place to do it in than your own backyard? Even smaller single-family homes or townhouses generally have a yard area or patio large enough to relax in with family and friends. Have a little more room? Consider adding a small garden or flowerbed to enhance your outdoor space.
Curious about your ownership options? Connect with a lending professional today to ponder the possibilities. Your “homecoming” may happen sooner than you think!
“Social Benefits of Homeownership and Stable Housing” – National Association of Realtors® – Lawrence Yun, PhD and Nadia Evangelou – December 2016