The Impact of a Home on Your Well-being
When we look for a great place to live, we invest not just money, but emotional attachment as well for our new dwellings. Many of our life’s milestones are celebrated at home, and during bad times, home is where we would always retreat to.
That’s why people thrive when thry have a space solely for ourselves, even if they are only renting it. But how much more could people grow bloom if the abode they are living in is theirs?
While buying isn’t always a better option than renting, the emotional impact of owning a house is something priceless and incomparable. Also, you can gain peace of mind knowing that we have an asset, as opposed to a rented space that’s a liability.
In turn, our well-being responses positively, especially with the knowledge that every hard-earned money we spend for a favorable home mortgage gets our place closer to finally being fully ours.
A Home Provides a Center
Aside from peace of mind, our own home also gives us security, control, a sense of belonging, identity, and privacy. But most importantly, a home provides us with a core or a place where we depart from every morning and return to at night.
In a society that’s concerned with freedom, having our own space satisfies that societal desire, and it can boost our American pride, too, given that the country’s culture is rooted in independence, sense of control, and autonomy.
Speaking of pride — it’s actually the leading reason people want to own a home. True enough, it gives us the liberty to decide on everything we want our spaces to have, from structural components down to the items we’ll display as decor. It makes us immensely proud that the look of our abodes is the reflection of our personal style.
Home Ownership Gives Us Security and Stability
If we already have our own family, we’ll certainly go to great lengths to give them security and stability, and those are just what a home guarantees. Our finances can be more secure, too, because owning a home builds our wealth as our property’s value increases. Some homes can raise in value by 20% in just a year, earning their owners’ considerable profit.
Furthermore, having our own place elevates our net worth in a way renting cannot. It allows us to build a valuable asset that’s worth beyond just a place to live, stimulating feelings of financial and personal stability.
Our Home Houses a Lot of Precious Memories
The last time you visited your parents, you surely reminisced involuntarily the moment you see the familiar roads and other sights. It’s another quality that makes a home priceless; it houses not just our families but also the memories we’ve collected over time. While not all of them are good, they still help us realize how far we’ve already gone after overcoming difficult times. Old memories also make us appreciate every detail in our childhood home more, which your children will also feel for your dwelling when they become adults.
The less we payments we make, the less worried we become every billing period. Our mortgage interest may be fully deducted to our tax returns, and so do the real estate property taxes we paid for our first home. We can also exclude up to $500,000 of our profit from capital gains, receive preferential tax treatment, and build equity. With these amazing financial perks, we’d doubtless choose buying over renting any day.
All these amazing reasons to buy a home prove that home is truly where the heart is. Its good impact on our well-being is just as worth considering as its good effects on our finances.