If you are now a homeowner you know that owning a home of your own can have its ups and downs. However, did you know that homeowners are happier than renters. This is likely because homeonwers have the great opportunity to build equity, personal wealth and customize your space to your liking. You are also able to great tax breaks. Those are the positives, there are also some negatives, like more responsibility including the upkeep of the property, which includes repairs and maintenance. Yet…taking all of this into account the report reinforces what experts have long believed, buying and owning a home is usually better than renting.
There is a new study that shows that owners experience a higher level of financial well-being.
The 2019 Bank of America Homebuyers Insights Report reveals that 95% of Americans are happier after purchasing a home. Eighty three percent would not want to return to renting. Eighty eight percent of respondents believe that buying a property is the best decision that they have ever made.
So, why are homeowners happier than renters?
Homeownership offers mental, emotional and financial stability. When you own a home, as opposed to renting, you feel attached to and proud of your home. That connection to where you live along with the stability inspires new ideas on how to spend your time. You might take up gardening, cooking or remodeling as hobbies when you own your own space. When renting you have more fluidity and it is easier to move somewhere new. This keeps you form becoming emotionally attached to where you live. You do not feel the same connection to where you are living.
Home prices can feel out of reach for many renters.
Interesting fact is that rent price inflation has outpaced home prices in many areas. When you rent every dollar that you pay you will never see again. But when you own you are building wealth. Part of each payment that you make goes to paying off that mortgage. You are also able to realize the appreciation that is happening in the market. If property values appreciate 10% in one year your $200,000 condo is now worth $220,000 and all you did was live in it and enjoy it.
It might be time to stop saying that you cannot afford to buy and truly explore and see if purchasing a home could be possible for you. What a wonderful thing that could be. Start by contacting Lestel. She can put you touch with a lender that can explore if home ownership is in your future. Why not see if it is possible? Reach out through the Contact Us page on our website. Lestel can also be reached by calling or texting 970-310-8379 or lestel@frii.com