THE EMOTIONAL AND NON-FINANCIAL BENEFITS OF HOMEOWNERSHIP

With higher mortgage rates, you might be wondering if now’s the best time to buy a home. While the financial aspects are important to consider, there are also powerful non-financial reasons it may make sense to make a move. Here are just a few of the benefits that come with homeownership.

 

Homeowners Can Make Their Home Truly Their Own

Owning your home gives you a significant sense of accomplishment because it’s a space you can customize to your heart’s desire. That can bring you added happiness. In fact, a report from the National Association of Realtors (NAR) shows making updates or remodeling your home can help you feel more at ease and comfortable in your living space. NAR measures this with a Joy Score that indicates how much happiness specific home upgrades bring. According to NAR:

 

“There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.”

 

And as a homeowner, unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make. If you rent, you may not have the same freedom. And if you do make changes as a renter, there’s a good chance you’ll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out.

 

The Responsibilities of Homeownership Give You a Greater Sense of Achievement

There’s no denying taking care of your home is a large responsibility, but it’s one you’ll take pride in as a homeowner. Freddie Mac explains:

 

“As the homeowner, you have the freedom to adopt a pet, paint the walls any color you choose, renovate your kitchen, and more. . . . Of course, along with the freedoms of homeownership come responsibilities, such as making your monthly mortgage payments on time and maintaining your home. But as the property owner, you’ll be caring for your own investment.”

 

You’re not taking care of a living space that belongs to someone else. The space is yours. As an added benefit, you may get a return on investment for any upgrades or repairs you make.

 

Homeownership Can Lead to Greater Community Engagement

That sense of ownership and your feelings of responsibility can even extend beyond the walls of your home. Your home also gives you a stake in your community. Because the average homeowner stays in their home for longer than just a few years, that can lead to having a stronger connection to your local area. NAR notes how that can benefit you:

 

“Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”

 

If you’re looking to put down roots, homeownership can help fuel a sense of connection to the area and those around you.

Bottom Line

If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey, including the ability to customize your home, the sense of achievement homeownership brings, and a greater connection to your community. Connect with a local real estate professional to discuss everything homeownership has to offer.

*information sourced from Keeping Current Matters Blog*

 

As the market shifts, re-sales aren't the only homes that are affected. The rising interest rates have slowed down the demand with new builds as well, which is resulting in builders bringing back their incentives! This is great news - especially for those who weren't able to build before because of the rising costs of materials. But there is one VERY IMPORTANT thing to note:

DON'T FORGET TO USE A REALTOR®!!!!!

Delaware is a "Buyer Beware" state, which means the sales rep represents the builder, NOT YOU (the client). They have the builder's best interest in mind. A Realtor® will help you with finding incentives, and keep you in on the loop from start to finish. You will have legal representation, and will be protected. It is a much smoother & easier transition when we (your Realtor®) are involved. It's the peace of mind that you didn't know you needed. But TRUST US, it will make the process easier and less stressful. 

 

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19075 Timbercreek Dr #69, Milton, DE

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Beautiful townhome nestled in the popular community of Shoreview Woods! This home showcases vaulted ceilings, recessed lighting and lofty sun-filled transom windows. Prepare savory meals to be served in the formal dining room or kitchen complete with 42-inch cabinetry, a double sink, decorative backsplash, and a peninsula island for casual meals. Enjoy a main floor primary bedroom complete a tray ceiling, ensuite bath with a dual sink vanity, stall shower and a spacious walk-in closet. Ascend upstairs to a spacious loft which could be used as a separate family room or home office space, two nicely sized bedrooms with walk-in closets, and a full bath. Storage space is plentiful with two storage closets off the foyer and one in the upper-level utility room. Additional features include a one-car garage and paver patio. As a resident you will enjoy access to a community swimming pool, a tennis court, and clubhouse. Shoreview Woods is conveniently located just minutes from Lewes, Milton, and around the corner from the bike path taking you as far as Lewes and into Rehoboth. Being sold fully furnished and turn-key ready, make your appointment today!

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19075 Timbercreek Dr #69, Milton, DE