June has already brought us a flurry of celebrations, especially if you have joined in with all the jubilee festivities. June is also the start of many lovely things, such as warmer weather, longer days, summer holidays and also National Homeownership Month in the US. Although we may not share this monthly celebration in the UK, it does feel like the ideal month to reflect on how impactful owning a home can be. This is why at NEXA Properties we have taken the time to look at how home ownership affects you and your future.
More than just a space
A home is more than bricks and mortar: it gives you a sense of belonging, it offers you a stake in the community, an investment and also a place you can put your stamp on. Buying a home is an emotional experience, never mind the highs and stresses of finding and purchasing, knowing you own your home gives you a unique sense of pride. The home you own grows with you. You mould it and shape it to what you and your family need as the years go by; it reflects your personal tastes and personality, your own little corner of the world.
A place to belong
Owning a home is more than the building you own: you belong to a community, and it gives you the opportunity to become more involved in the local area that you have invested in. You now have the chance to put down some roots, as most people plan to stay in their home for a good number of years. As humans, we have an innate need to be social, and building tight-knit networks helps us to thrive, which is why connecting with the neighbourhood we live in gives us a sense of belonging.
With this cost of living crisis, all our finances are stretched, and knowing what we have to pay each month can ease some of your worries. Depending on the type of mortgage you have, your monthly payments will stay the same no matter what is happening with inflation and interest rates. Having control over your own environment also brings a sense of calm and happiness, and when your home is your sanctuary you will naturally feel less stress.
A house is often described as the biggest asset you will purchase. Every year the equity grows and, as a result, you build your net worth as a homeowner. The more you increase your equity the more choices you may have in the future; it could be a stepping stone to upsizing your property. Your home could provide you some financial freedom, allowing you to downsize and fulfil a dream or two or explore other continents. When you own a property it truly offers you an ideal solution to building your long-term financial position.
It has its challenges
We all know that homeownership isn’t all sunshine and roses – it also has its challenges. Homes come with maintenance, unlike when you rent a property, and you are responsible for any repairs and maintenance and this also comes at a cost. That being said, there is great satisfaction in being a home owner, so this June, take a moment to survey your castle and remind yourself what treasure your property brings you and your family.
If you’re thinking of buying a home, or if the shine has faded on your abode and you wish to bring the sparkle back to home ownership, our team are ready to help you take the next step to your future. Give you local estate agency team a call today.