There’s no denying the long-term financial benefits of owning a home, but today’s housing market may have you wondering if now’s still the time to buy. While the financial aspects of homeownership are important, the non-financial and emotional reasons are too. Here’s why.

The word home truly means something different to everyone. Whether it’s sharing memories with loved ones around the kitchen table or settling in to read a book in your favorite chair, the emotional connections we have to our homes can be just as important as the financial ones. Here are some of the things that turn a house into a happy home.

1. You Can Be Proud of Your Accomplishment

Buying a home is a major life milestone. Whether you’re ready to buy your first home or your fifth, congratulations will be in order once you’ve achieved your goal. The sense of accomplishment you’ll feel at the end of your journey will truly make your home feel like your special place. Go ahead and smile – you’ve earned it.

2. You Have Your Own Designated Happy Place

Owning your home offers not only safety and security, but also a comfortable place where you can relax and unwind after a long day. Sometimes that’s just what you need to feel refreshed and recharged.

3. You Can Find the Space To Meet Your Needs

Whether you want more room for your changing lifestyle (like a large backyard for entertaining or room for a home office) or you simply want to move closer to your loved ones, you can invest in a home that truly works for your evolving needs.

4. You Can Customize Your Surroundings

Looking to try one of those decorative wall treatments you saw online? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to create an in-house yoga studio. You can do these things and much more when you own your home.

Bottom Line

Whether you’re planning to buy your first home, or you’re ready to move into a different one to meet your changing needs, think about the emotional benefits that can turn a house into a happy home. When you’re ready to make a move, connect with a local real estate advisor.

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Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below):

Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.

Transforming the Challenge of a Fixer-Upper into an Opportunity

One thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a home that may be a bit less appealing and as a result has lingered on the market longer than normal. According to a recent article from U.S. News:

“The current state of the housing market may have you expanding your options to try to find a home that you can afford. A fixer-upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.”

By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower price point. This strategy provides a more affordable way to become a homeowner while also offering the potential for future profits.

Yes, the home may need a little elbow grease, but investing time and effort into gradually enhancing your house not only makes it a home but also increases its future market value. So, while you enjoy the satisfaction of turning a house into a home, you’re also building equity that can be unlocked when it’s time to sell.

Renting Out a Portion of Your Home To Make It More Affordable

Another savvy strategy is to purchase a home with the upfront intention of renting out a portion of it. According to a recent press release from Zillow, renting out a part of their home is already very important for most young homebuyers (see graph below):

This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, says:

“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help . . .”

Basically, it can help you afford your monthly mortgage payments. So if you’re open to it, renting out a portion of your home not only helps with affordability, but it also positions you as an investor and turns your home into a source of income.

Bottom Line

In the face of today’s affordability challenges, both of these strategies offer more attainable paths to homeownership, especially for younger buyers. If you want to discuss these options and see how they might play out for you in your local market, connect with a trusted real estate agent.

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