If you’re living in the Pittsburgh PA area or surrounding Western Pennsylvania neighborhoods and you’re thinking about buying a home, here are some of the benefits you’ll experience when you do.
The Emotional Benefits of Homeownership
Owning a home can give you a sense of pride and happiness in several ways. It’s a place that’s uniquely yours. The local Realtors at the Diane McConaghy Team from REMAX Select Realty can help you define your location and requirements.
Your Home Can Reflect Your Tastes and Personality
That knowledge can lead to a powerful, emotional connection to the place where you live. And, your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. This creates a greater sense of ownership, pride, and connection with your home and your community.
It Can Enhance Your Neighborhood and Civic Engagement
Homeownership can lead you to get even more involved with your local area. You’re putting your roots down in a location and will want to do what you can to help improve it. I’ve often heard that living in one place for a long period of time creates a sense of community pride.
The Financial Benefits of Homeownership
When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.
It Can Help You Feel Financially Stable
Homeownership is truly one of the best ways to improve your long-term financial position. You will have a predictable monthly housing expense that can benefit your budget in the short term. You will also gain equity as your home appreciates in value and you make your monthly mortgage payment.
It Can Grow Your Wealth
Because of your growing equity, you can build your net worth as a homeowner. Compare the difference in net worth between a renter and a homeowner. It’s clear that owning a home truly offers a great way to build your long-term financial position.
According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.
Bottom Line
Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, then let’s connect to begin the process today. Contact the Diane McConaghy Team from REMAX Select Realty so we can get you moving right along.
