Of course, we all know that buying a home is an investment, and it’s one of the most common ways to build wealth for the future. Unlike other larger purchases, such as new cars or recreational vehicles, homes often don’t depreciate over time. Many homes can become more valuable with changes to the area, home improvements and increases in the cost of living.
But owning a valuable asset isn’t the only perk to homeownership. These five benefits are awesome reasons to make buying a home a goal for the future.
1. Making Strong and Stable Connections
Being the owner of a home is associated with less frequent moving, according to the Social Benefits of Homeownership and Stable Housing Report. This results in more long-term connections within a community. Being tied to a neighborhood is an important social asset because homeowners are generally more invested in the wellbeing of the area.
2. Children of Homeowners Get Better Grades
The adults involved aren’t the only ones who benefits from owning a home. Their children perform well thanks to having a stable residence that isn’t changing at the end of each lease. Both reading and math scores are higher among students of homeowners, and these students are more likely to move on to higher education.
3. Homeownership Improves Health Outcomes
The comfort and stability of that can come with owning a home can give a person increased upward mobility. This may provide more opportunities for homeowners to take better care of themselves. For this reason, they’re more likely to self-report excellent health.
4. Owning a Home, Sense of Control and Mental Health
Having a home to call your own may improve your mental health. It can offer a sense of control and community when all else in the world feels uncertain. The exceptions can include home foreclosures and property damages with expensive repairs, when the resulting stress may take a toll on wellbeing. To minimize both, make sure you’re financially prepared before taking the plunge and shop around for the best insurance policies to keep you covered when you finally do buy.
5. Homeownership Enables Good Parenting
Neighborhoods where homeowners live are more likely to support and encourage parents to be engaged with their children. Stable communities often provide opportunities for parental involvement in school or sports — and the neighborhood children are likely to live there longer, allowing for longer term friendships for both parents and kids alike.
Purchasing that first home isn’t easy, and it takes time and sacrifice to save for a down payment. It can be a great investment, benefiting the owners, their children and their community. If you’re going to pay money each month to live somewhere, why not build toward your own personal wealth while you’re at it?
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