Owning a home is one of the largest, and most important purchases of your life. But there are many intangibles that often go unnoticed. In our latest blog post we'll explore these intangibles, and how they both positively and negatively impact your life.
- The control is in your hands: When you own a home, the control is in your hands. Everything from cost, location, layout, it's your prerogative. With this in mind, you're able to develop the literal and emotional elements of your home! Pretty cool, huh!
- You get to develop community: Friendships are everything in life, and when you own a home the friendships are different (especially if you have kids). By "planting" your roots, you also begin to plant your friendships.
- Consistency is beneficial for children: Children succeed in situations that are consistent, and home ownership can help with that. Consistency also aids in relationships, sell esteem, life satisfaction, and even graduation rates.
- Memories are made differently: When you own the home, you live in it exactly how you want to. Unlike renting, where you're constantly thinking about the next option; or at least somewhat planning it in the back of your head. So, feel free to make memories exactly how you want to.
- Maintenance & improvements cost money: Alright, you own. Now it's time to own up! Whoops, you broke the dishwasher, that's going to come out of your expenses now. No HOW to help with that. If you want to innovate on the home, you'll have to pony up for that too.
- You're locked in: Mortgage literally means "until death." Well, that's kind of harsh, but the reality is that you must make a home decision with wisdom and knowledge from multiple fronts. Be sure to consider cost, location, schools, and other items that will arise in the future.
- It's addicting: Guess what? You might buy a home, and be able to sell it within a couple years for a good rate of return (ROI). And guess what again? You'll think you can do it again. The truth is, you might be able to, you might not. So, just be aware of the addiction to buying and selling, and be sure to weigh the pro's and con's well before making any unnecessary adjustments.
Purchasing a home has an overwhelming amount of positives associated with it, many of which we couldn't include in this small post. However, it's important to make sure to be strategic and intentional when purchasing your first (or fifth) home. Be sure to make note of the intangibles.