The Benefits of Homeownership May Reach Further Than You Can See - June 25, 2020
Ian Walterhouse
Thursday, June 25, 2020
The Benefits of Homeownership May Reach Further Than You Can See
More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children and safe havens that provide shelter, stability and protection for our families through the evolving health crisis. Today from the most recent statistics available - 63% of Canadians own their home.
June is National Homeownership Month and it is a great time to reflect on the benefits of owning your home. Below are some highlights of non-financial to the financial benefits of owning a home including how owning a home benefits your local economy. These highlights may give you reason to think homeownership stretches well beyond a sound dollar and cents investment alone.
Non-Financial Benefits
Owning a home brings families a sense of happiness, satisfaction and pride.
Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. The personal satisfaction and sense of accomplishment achieved through homeowners can enhance psychological health, happiness and well-being for home owners and those around them.
Property Maintenance and Improvement: Your home is your stake in the community, and increases civic engagement. It’s a way to add to the strength of your local area. Civic
Participation: Homeownership creates stability, a sense of community and increases civic engagement. It’s a way to add to the strength of your local area.
Financial Benefits
Buying a home is also an investment in your family’s financial future.
Net Worth: Homeownership builds your family's net worth. The median family net worth for all homeowners in 2019 was $678,792 as reported by the Financial Post.
Financial Security: Equity, appreciation, and predictable monthly housing expenses are huge financial benefits of homeownership. Homeownership is truly the best way to improve your long-term net worth. Economic Benefits Homeownership is even a local economic driver.
GDP Growth: Homeownership also helps drive GDP growth as the country aims to make an economic rebound. Every 10% increase in the total housing market would translate into additional consumer spending and additional tax revenue for governments.
Entrepreneurship: Homeownership is even a form of forced savings that provides entrepreneurial opportunities as well. Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.
Bottom Line
The benefits of homeownership are vast and go well beyond the surface level. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact on your local economy. If owning a home or upgrading to a bigger home is part of your dream, let’s connect so you can reap the benefits of homeownership. Give us a call today at 416-522-1112 or email ian.walterhouse@century21.ca.
We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !