When talking about the benefits of owning a home, especially from a mortgage professional’s point-of-view, you often hear about the financial upside of homeownership. While it’s true that buying a home remains one of the most stable investments one make, there are many more advantages to homeownership.
So as we now enter what many are calling a “borrower’s market,” we want to share some of the lesser-known benefits of buying a home. Do any of these surprise you?
The Personal Value of Homeownership
Owning a home is a marker for many essential milestones, namely, entering adulthood. It also represents independence, success, and stability. It can also mark the beginning of positive events, like starting a family or gatherings, as well as opportunities like custom remodeling and using the equity to pay for future expenses.
Home ownership is so much more than an investment. Emotionally speaking, it brings hope and peace of mind.
Homeownership and the Economy
Homeownership also has a positive effect on the surrounding areas of the home and is one of the main indicators analysts use to determine the health of the local economy! For example, when we see home sales are up, that’s a good sign that so is the employment rate.
And one step further is looking at home sales and employment rate across the country. When both of these numbers are on the higher side or are relatively stable, that is a good indicator that our economy is also doing well.
Home sales are so critical and influential to our local and national economy that analysts often wait for the most recent housing numbers before releasing their forecasts.
Owning a Home Helps Your Community
Your local community from owning a home, more so than renting. Every year, homeowners pay property taxes.
These funds are used for your local infrastructure services and projects such as:
- Fixing the roads
- Construction and maintenance of local schools
- All library operations
- Your local police and fire department
- Maintaining local parks
- Social services
- Other enriching infrastructure community projects
While the benefits of owning a home and paying property taxes seem to be all financial, some of the most significant benefits for the community are intangible.
Homeowners are generally more invested in the local community area, and opportunities for involvement are plenty! Special events, volunteering for charity, and other activities bring a sense of pride and belonging.
Homeowners are often more involved in community politics, such as attending city council meetings and volunteering in groups such as crime stoppers, and school boards.
Buying a home has incredible financial benefits, but as you can see, the gains don’t stop there. Homeownership has a positive effect on you, your family, your community, and even the country!
Brought to you by Legacy Home Loans. Legacy’s goal is to provide home loans to clients while providing them with the lowest interest rates and closing costs possible. Furthermore, they pledge to help borrowers overcome roadblocks that can arise while securing a loan.
To learn more, visit: mylegacylender.com