For many people, owning a home marks a significant step on the path to achieving the "American Dream". Investing in a home offers immeasurable benefits that reach far beyond financial gains; you are making an investment in yourself, your family and your future.
We have identified the top six personal, social and emotional benefits of buying a home today:
1. Pride of Homeownership: The feelings of accomplishment, safety and security that result from homeownership cannot be matched by any other purchase or investment.
2. Shelter: Shelter is a basic need of human beings, yet the concept is often overlooked in the home buying process. Remember, a home is a place where one lives and raises a family. Plus, it's the only investment you can live in!
3. Independence: A key difference between renting and owning is the flexibility a homeowner has in adapting a living space to individual tastes and needs. That means being able to decorate, renovate, landscape and add personal touches to one's surroundings.
4. Stability: One of the biggest rewards of being a homeowner is the financial stability it provides. Knowing exactly what your payments will be each month throughout the term of your mortgage enables you to budget and plan for other things you'll want to do in life.
5. Community: Developing friendships with neighbors and feeling one has a place in the community fosters a safe and secure environment for oneself and one's family.
6. Improved Quality of Life: The true benefit of which is the improved quality of life a boost in personal finances can provide. That could mean having additional money to spend on necessities like food and utilities or being fortunate enough to afford luxuries.