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The Emotional and Non-financial Benefits of Homeownership

Whether you’re a first-time homebuyer or you’ve been through the process before, there are many important factors to consider when deciding whether or not homeownership is right for you. One of the biggest considerations is undoubtedly the financial aspect – what will your monthly mortgage payment be? What if rates go up? – but don’t forget that there are also emotional benefits to owning a home. Here are just a few of the non-financial reasons why homeownership may be right for you.

NAR measures this with a Joy Score that indicates how much happiness specific home upgrades bring. According to NAR above:

When you own a home, you can truly make it your own. You can paint the walls, update the fixtures, and put your personal stamp on the space. This can be a great way to express yourself and create a space that truly feels like home.

There’s no denying taking care of your home is a large responsibility, but it’s one you’ll take pride in as a homeowner. Freddie Mac explains above:

The responsibilities that come with homeownership can give you a greater sense of achievement. From maintaining the yard to keeping up with repairs and renovations, there’s a lot to do – but it can be very rewarding to see your home improve over time.

Above NAR notes how that can benefit you:

Owning a home can also lead to greater community engagement. When you have a stake in your neighborhood, you may be more likely to get involved in local events and activities. This can create a stronger sense of community and make your neighborhood a better place to live.

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