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National Homeownership Month

 

June is National Homeownership Month, and it’s an ideal time to think about how impactful owning a home truly can be. Purchasing a home is an investment, a place to call home, and a connection to your community and neighborhood.

If you’re thinking about buying a home this year, here are some of the benefits you’ll experience when purchasing a home. 

The emotional benefits you have when buying a home is that this unique space is yours. You have the freedom to decorate, update, rearrange, add your own style and taste to reflect your special little corner of the world that will grow with you in the years to come. Most homeowners have an emotional connection giving you a sense of ownership, pride and connection to your home and community. Which in return can lead you to getting more involved in your local area, after all you’re putting your roots down in a location and will want to do what you can to enjoy it and improve it.

When buying a home, you are making one of the biggest financial purchases you will make in your lifetime and this investment is one of your financial benefits of being a homeowner. Homeownership is one of the best ways to improve your long-term financial position. It can help you feel financially stable by having a predictable monthly housing expense that can benefit your budget in the short term, but you also gain equity as your home appreciates in value and you make your monthly mortgage payment. Since you have growing equity, you can build your net worth as a homeowner.  Comparing the net worth between a homeowner and renter, it’s transparent that owning a home offers a great way to build your long-term financial position. From the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, and the net worth of a renter is only about $8,000. That’s a big difference in net worth and will give you something to think about when your in the position to start thinking about being a homeowner and all the benefits that can come with it..

Emotionally and financially purchasing a home can bring you greater satisfaction, happiness and help build your financial freedom.

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