Owning A Home: What We Overlooked
As we at Premier Homes Team, and many other real estate professionals, have reiterated, owning a home is more than just a shelter. Not only does owning a home come with great financial benefits, but it comes with emotional, physical, and mental benefits as well. Becoming a homeowner, and often times for first-time home owner, provides more than just a roof over your head. It is often overlooked just how many more benefits being a homeowner has other than financial. Here we will go over just what other benefits are often overlooked in homeownership.
What is overlooked when owning a home?
Well, for starters, owning a home does provide you with many financial benefits, as well as a place to live. There is no denying how wealth is often generated through real estate. Often times, this wealth is accumulated by everyday homeowners maintaining their homes. But what most people often overlook about being a homeowner is the feelings of pride, security, comfort, and gratitude. While we are currently living in a time where emotions are high, and that often changes our needs. What buyers really want and what homeowners really need have been shifted throughout the pandemic.
As we all know, many people were forced to stay home last year due to the pandemic throughout the world. As said in the 2021 State Of The American Homeowner (Unison), “Last year, staying home became a necessity and that caused many homeowners to have renewed gratitude for having a roof over their head.” I personally can attest to this, as being forced to stay home put just how lucky must of us are into perspective.
What Homeowners Say
While we continue to battle through the hardship of the pandemic and post-pandemic economy, we must remain humble. On average, homeowners spent up to 2 times as much time at home than before. This is largely due to the fact everything was made virtual (the early days were rough for as senior in college). People were forced to work from home, order carryout, learn and teach online, and find ways to stay in shape at home. With the changes looking to remain permanent for some, the pandemic really helped redefine our homes and society. Home was a place for, well, everything. Since home was our one place to enjoy, many people found a renewed sense of security and gratitude.
According to the same study from Unison as mentioned above, homeowners feel different about their homes. Some statistics that the collected and shared through their survey include:
- 91% of homeowners claim to feel secure, stable, or successful throughout homeownership
- 64% of American homeowners preach that living through the pandemic made their homes more important than ever
- 83% of homeowners say that because of their homes, they were able to stay safe through the pandemic.
As most people can agree, there has never been a better time when it comes to owning your home. That is why it is still a great time to buy a home. Also, do not be scared of 3% mortgage rates, as they are still historically low. However, acting quickly can help save thousands across 30 years. This is largely because many experts predict that mortgage rates will continue to rise.
Homeowners Are Attached To Their Homes
Throughout the health crisis, homeowners realized how lucky they truly were. This added a sense of security and ability to remain safe. Some would say that owning a home has never had a stronger sense of emotional stability to many Americans. This quote from JD Esajian says it all:
“Aside from the financial factors, there are several social benefits of homeownership and stable housing to consider. It has long been thought that buying a home contributes to a sense of accomplishment. Still, most individuals fail to realize that homeownership can benefit your mental health and the community around you.”
Another great quote to live by after these times comes from Mark Fleming, Chief Economist at First American. Mark said:
“Buying a home is not just a financial decision. It’s also a lifestyle decision.”
Owning A Home: Bottom Line
If you have ever thought about owning a home, look past all the financial benefits. Owning a home is a lot more than just gaining equity and net worth. Being a homeowner offers a sense of security and safety that is overlooked. If you’re a first-time home buyer or long-time homeowner, owning a home has never been this beneficial to your emotional well-being.