The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger.One way we
How Homeownership Can Bring You Joy
Dated: May 18 2022
Views: 23
If you're trying to decide whether to rent or buy a home, you're probably weighing a few different factors. The financial benefits of homeownership might be one of the reasons you want to make a purchase if you’re a renter, but the decision can also be motivated by having a place that’s uniquely your own.
If you want to express yourself by upgrading and customizing your living space but are feeling held back by your rental agreement, it might be time to consider the perks of owning your home.
A Little Change Can Bring Lots of Joy
There’s a significant level of pride that comes from owning a home. That’s because it’s a space that truly belongs to you.
A recent 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.”
The report also breaks down just how much each of these projects can enhance your emotional attachment to your home, even leading you to want to spend even more time in the space (see graph below):
And while many of the items NAR highlights are larger tasks, some, like painting rooms, are much smaller. Even those quicker projects can still bring you a greater sense of joy and accomplishment. Not to mention when you make upgrades in your home, you could be increasing its value which also gives your net worth a boost if you invest your time and effort wisely.
You’re Free To Update Your Home to Your Heart’s Content
These types of updates can result in additional happiness when you complete them, but there’s another reason you can feel good as a homeowner. In most situations, you’re free to renovate or update the interior of your home without needing additional permission. But as Business Insider points out, renters may not have the same freedom:
“Your landlord won't always approve changes when you rent. But you have the power to update the home when you're the owner. (Just make sure any big changes are approved by your homeowner's association, if necessary.)”
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. That’s one major benefit of owning your own home. Unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.
Bottom Line
Deciding whether to rent or buy is a personal decision. The financial benefits are critical, but don’t overlook the emotional impact homeownership can have. Let’s connect to discuss all the benefits you can enjoy when you purchase your own home.
Josh Steinke
Do you want to get started on your search today? Or, are you interested in knowing what your property is worth? For over 15 years, I have been representing buyers, sellers and developers in the Grand ....
Latest Blog Posts
The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may cause some confusion and could even generate
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the
Some HighlightsWhile home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again.Last July, prices started to decline, but
Tax and special assessment figures are provided by the listing companies and are usually from the most recent tax bill, but buyer should verify amounts with appropriate governmental departments for accuracy and future estimates. New construction listings often have incomplete or no information on tax or special assessment estimates provided by listing companies, so they must be verified. Figures do not reflect any pending, proposed, or future special assessments which may be levied by governmental
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Berkshire Hathaway HomeServices Family Realty are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (little black
house) and detailed information about them includes the name of the listing brokers.
Grand Forks Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
Information is deemed to be reliable, but is not guaranteed. © MLS and FBS. Prepared by Northwest Minnesota MLS on February 1, 2023 10:36 PM UTC The information on this sheet has been made available by the MLS and may not be the listing of the provider. © Northwest Minnesota MLS. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User.
