Emotional Reasons to Buy a Home
Home Is Where The Heart Is
Yesterday, I discussed reasons why home ownership makes financial sense. Today I want to touch on the emotional or ‘real’ reasons many Americans strive to become homeowners.
The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants about the reasons American’s feel home ownership is so important.
The top 4 reasons were not financial – here they are:
1. It means having a good place to raise children & provide them with a good education
From the best neighborhoods to the best school districts, even people without children may have this in the back of their mind as a major reason for choosing the location of the home they purchase.
2. You have a physical structure where you & your family feel safe
It is no surprise that having a place to call home is the #2 reason.
3. Owning a home allows you to have more space for your family
Whether your family is expanding, or an older family member is moving in, having a home that fits your needs is a close third on the list.
4. It gives YOU control over what you do with your living space, like renovations and updates
Looking to actually try one of those wall treatments you saw on Pinterest? Want to finally adopt that puppy or kitten? Who’s to say you can’t in your own home?
The 5th reason on the list, is the #1 financial reason to buy a home:
5. Owning a home is a good way to build wealth that can be passed along to my family
Either way you are paying a mortgage. Why not lock in your housing expense now with an investment that will build equity?
Real Estate Bottom Line
Whether you are a first time home buyer or a move-up buyer, now is a great time to reflect on the intangible factors that truly make a house a home.