You already know about
the tax benefits of buying a home and the long-term financial advantages
created by rising home values and bankable equity. But some of the associated
benefits of homeownership might surprise you.
1. Pride of ownership
You understand the idea
of pride of ownership, but maybe you've never actually felt it. You will once
you put those keys in the door for the first time. And this doesn't just apply
to first-time homebuyers. If you've worked hard, saved well, spent smart, and
are able to now move up to the home of your dreams, you'll undoubtedly feel it,
too.
2. It's a do-over
So your old house
deteriorated into an outdated mess. Or maybe you earned a reputation for being
the grumpy neighbor because you threw one too many fits over dog poop on your lawn.
Now you've got a clean slate. Your house can be anything you want it to be, and
you can be anyone you want to be—even the friendly, helpful neighbor who sets
out poop bags, just in case.
3. Social benefits
Any move brings new
opportunities to make new friends and increase your social interaction. But
homeownership can also provoke deeper social benefits.
A report from the
National Association of REALTORS® found that homeownership positively impacts
educational achievement, with homeowners having "a significant effect on
their children's success. The decision to stay in school by teenage students is
higher for those raised by home-owning parents compared to those in renter
households," they said. "Furthermore, daughters of homeowners have a
much lower incidence of teenage pregnancy."
Potential reasons for
this: "Certain behavioral characteristics required of homeowners that get
passed onto their children," such as the financial commitment that leads
homeowners "to minimize bad behavior by their children and those of their
neighbors that can negatively impact the value of homes in their neighborhood;"
homeowners assuming "a greater responsibility such as home maintenance and
acquiring the financial skills to handle mortgage payments;" and
"neighborhood stability."
An additional study
shows that "homeownership has positive effects on the academic achievement
of children (with) significant effects of home environment, neighborhood
quality, and residential stability on the reading and math performance of
children between the ages of three and twelve."
4. Coupons galore
Chances are you've got
a laundry list of things you want to do to your new pad. Buying a new house
will unleash a cavalcade of junk mail, but in that mess of unwanted refinance
offers and insurance information and other nonsense will be all kinds of
coupons you can use from big box companies, home décor outlets, window
treatment businesses and the like. Go through them carefully and you can fix up
your place without spending the equivalent of your down payment.
There are also hundreds
of dollars’ worth of coupons from companies like Best Buy, Lowes, and Bed Bath
& Beyond available in the change of address form you fill out at the post
office or online.
5. Credit offers
Once you close escrow,
your credit score will get a bump and the credit offers will start rolling in.
This is great if you're looking to get a new car, do some home improvement
projects on credit, or buy some new furniture. By taking advantage of special
offers from Home Depot, Best Buy, or furniture stores like Rooms To Go, you can
do some updates and spread out your payments over time without accruing
interest—if you qualify. Just make sure to keep track of how much you need to
pay monthly to take full advantage of the program.
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