If you’re on the fence between continuing to pay your landlord’s mortgage or buying a home of your own, you’re likely carefully weighing all the pros and cons. While the financial benefits of owning a home may be at the top of your list of reasons to buy, it’s certainly not the only perk. It may come as a surprise that many homebuyers are motivated by the desire to have a place that’s uniquely their own.
Owning your own home gives you the freedom to customize and/or upgrade your living space at your own will… not your landlord’s.
A Little Change. A Lot of Joy.
There are many benefits to owning a home, including a significant level of pride in having a space that truly belongs to you.
The National Association of Realtors (NAR) recently released a report that shows making updates or remodeling your home brings a level of comfort to your living space. NAR measures this with a Joy Score, which indicates the level of joy and happiness specific home upgrades bring. According to this report,
“There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.”
Additionally, the report explains just how much these projects can enhance the emotional attachment to your home, leading homeowners with a desire to spend even more time at home base.
Large or small, there’s no denying that these home customization projects bring a great sense of joy and accomplishment. Not to mention the increase in the value of the home, and the owner’s net worth, that home upgrades can bring.
The Possibilities are Endless
Don’t like the carpet? Replace it. Want your craft room to have purple walls? Paint it! Are your kitchen appliances from the 1960’s and hanging on for dear life? Upgrade them! When you own your home, you are free to change whatever you like, without needing approval from your landlord. While some landlords may be a little more lenient, it’s typical for renters to revert any changes they’ve made to their residence at the end of their lease. These restrictions can often be heavy and unnoticed until you do own a home and have the opportunity to truly make your home your own.
The Bottom Line
The decision to buy a home is a personal one and should be carefully considered. While the financial benefits are often the main priority when weighing your options, don’t overlook the emotional impact homeownership can have. If you’re on the fence or have made it over and are ready to buy, reach out to our team for expert advice on your next steps on your journey to homeownership.