Top Six Personal, Social and Emotional Benefits
For many people, owning a home marks a significant step on the path to achieving the “American Dream.” But recent news headlines surrounding the current economy and PA housing market have caused some potential homebuyers to sit on the sidelines hoping for the market to “hit bottom” while overlooking the many advantages of homeownership. While owning a home continues to be a sound long-term investment which builds equity and provides tax benefits along the way, financial gain is not the only factor to consider when thinking about buying a Central PA home.
In 2008, Coldwell Banker helped more tens of thousands of consumers buy and sell homes. Based on their feedback, we’ve identified the top six personal, social and emotional benefits of buying a home today:
1. Pride of Ownership: Pride of ownership is possibly the greatest benefit of all when it comes to owning a home. The feelings of accomplishment, safety and security that result from homeownership cannot be matched by any other purchase or investment. According to NAR, there were a total of 4.9 million existing-home sales in 2008, reconfirming that pride of ownership is still a strong incentive for homeownership and that consumers continue to move for lifestyle, despite the economy.
2. Shelter: Buying a home is more than the sum of mortgage payments. 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!
With the total housing inventory leading into 2009 amounting to an improved 9.3 month supply according to the National Association of Realtors (NAR), potential homeowners have a distinct advantage over their predecessors. Home buyers today have the opportunity to be more selective in choosing a home that best fits their specific needs and wants.
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– without having to check in with a landlord first. Home improvements also have the potential to increase the value of a home, making “independence” a personal and financial benefit of homeownership.
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. While certain factors such as real estate taxes may fluctuate in some communities, the bulk of home-related expenses will remain stable and predictable.
5. Community: When you buy a home, you buy a share in a community - a social benefit rarely experienced by renters who are often considered “transient’, even after living in the same place for many years. 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. Furthermore, recent findings published by the NAR, reported that communities with higher homeownership had better educational performance, lower crime rates, more household participation in civic affairs and better household health.
6. Improved Quality of Life: Without question, owning a home has its financial advantages. The true benefit of which is the improved quality of life a boost in personal finances can provide. Whether that means having additional money to spend on necessities like food and utilities or being fortunate enough to afford luxuries like a new car or a vacation, purchasing a home is making an investment in a better future.
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Coldwell Banker Select Professionals, based at 1000 North Prince Street in Lancaster and with additional offices in Lebanon, Hershey & York can be reached at 717-735-8400 or at www.cbselectpros.com. Coldwell Banker Select Professionals serves the Lancaster PA real estate, York PA real estate, Hershey PA real estate, Harrisburg PA Real Estate, Lebanon PA real estate markets with local offices and agents.
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