How Owning a Home Can Bring More Joy into Your Life
Lots of people know buying a home is a great way to build financial wealth. But there is one benefit of homeownership that not many consider: joy. Owning a home can bring you joy in a number of ways, including these four instances.
“Joy” Is One of the Best Perks of Owning a Home!
1. Upgrading Your Home
When you’re renting a home, condo, or apartment, you don’t have many options for upgrading. Your home is what it is, and because you don’t own it, you don’t have the freedom to change it.
When you purchase, you have the opportunity to make thoughtful upgrades. These offer several benefits…all of which produce joy:
- You increase the pride you feel in your home.
- You make the home more functional. (This is true whether you’re adding another story or putting in that shower to the half bath.)
- The home fulfills more of your needs and wants. (Maybe you’re finally getting that home office. Maybe you’re creating a room for the newest addition to the family. Upgrades ensure your current home aligns with your current life situation.)
2. Customizing Your Home
Upgrades are often larger, costlier home projects. Customization is about adding touches and changes that transform a space into something that’s uniquely you.
This can be painting a room. It can be adding built-in bookshelves. It can be opting for carpet in the bedroom over laminate.
It’s whatever makes your home a more comfortable, inviting place for you.
People spend so much time in their homes. With the rise in remote work, that amount of time is higher than ever. Being able to make it a place you genuinely enjoy is a surefire way to increase the joy your home brings.
According to the National Association of Realtors (NAR), there are several interior projects that received a perfect ten in their “Joy Score” metric:
- Paint home (entire interior)
- Paint home (single room)
- Add a home office
- Refinish hardwood floors
- Add new wood flooring
- Renovate closet
- Upgrade insulation
- Convert attic to living area
Because customization makes a home yours, it ups your emotional attachment to the space. Having that connection to a place that makes you feel secure can be a great source of joy.
3. Having the Freedom to Make Changes
Even if you never make a single update to your home, there’s a sense of freedom (and associated joy) knowing you can.
When you rent, every change has to be run by a landlord. Even when you ask for that permission, it’s no guarantee your request will be given the green light.
The only potential hurdle you’ll come up against as a homeowner is with a homeowners association. If applicable, make sure this body allows and approves any work you do.
Renters, beware! If you’re thinking, I don’t care. I’m going for it!, you could find yourself in hot water. Making unapproved changes to your rental can lose you a damage deposit. You might even be asked to put everything back the way it was when you leave. This takes time and money.
4. Increasing the Value of Your Home
Whether you’re undertaking upgrades or customizations, home improvements often result in tangible added value to the property.
Strategic changes to the home can up resale value, which contributes to a higher net worth. While money can’t buy happiness, there is an extra sense of security and joy that comes with boosting your nest egg!
To Rent or to Buy? What’s Right for You?
Buying a house is a big decision. It’s also a personal one. There is no easy answer to the question of if or when you should purchase a home.
When thinking about your options, though, remember there are financial and emotional elements to homeownership. Both should be taken into account.
Are you interested in learning more about available properties in the DMV area? Reach out today! We’d love to show you real estate as it should be!
