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The True Value of Homeownership

The True Value of Homeownership

Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. And with June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides. Of course, there are financial reasons to buy a house, but it’s important to consider the non-financial benefits that make a home more than just where you live.

Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride. 

 

You May Feel Happier and More Fulfilled 

Owning a home is associated with better mental health and well-being. Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), explains:

 

“Studies have shown the emotional and psychological benefits that homeownership has on a person’s health and self-esteem . . .”

 

Similarly, Habitat for Humanity says:

 

“Residential stability among homeowners is related to improved life satisfaction, . . . along with better physical and mental health.”

 

So, according to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.

 

You Can Engage in Your Neighborhood and Grow Your Sense of Community

Your home connects you to your community. Homeowners tend to stay in their homes longer than renters, and that can help you feel more connected to your community because you have more time to build meaningful relationships. And, as Acosta says, when people stay in the same area for a longer period of time, it can lead to them being more involved:

 

“Homeowners also tend to be more active in their local communities . . .”

 

After all, it makes sense that someone would want to help improve the area they’re going to be living in for a while.

 

You Can Customize and Improve Your Living Space

Your home is a place that’s all yours. When you own it, unless there are specific homeowner’s association requirements, you’re free to customize it however you see fit. Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be. As your tastes and lifestyle change, so can your home. As Investopedia tells us:

 

“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.

 

Renting can limit your ability to personalize your living space, and even if you do make changes, you may have to undo them before your lease ends. The ability homeownership gives you to customize and improve where you live creates a greater sense of ownership, pride, and connection with your home.

 

Bottom Line

Owning your home can change your life in a way that gives you greater satisfaction and happiness. Let’s connect today if you’re ready to explore homeownership and all it has to offer.

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New Listings

3 matches found

$225,000
1118 Beach Ave SE, Huron, SD 57350
View Photos (50)
# of Bedrooms: 4
# of Bathrooms: 1.75
Square Footage: 2088
Year Built: 1949
Area: Huron
Description: Charming single-story ranch home with a large basement! Featuring 4 spaciou...
Listing Office: Montgomery Real Estate
Office Phone: 605-352-3332
Office Email: realestate@montgomeryagency.com
Last Updated: February - 14 - 2025
$625,000
1375 Riverview Dr, Huron, SD 57350
View Photos (69)Virtual Tours (1)
# of Bedrooms: 5
# of Bathrooms: 3.5
Square Footage: 4120
Year Built: 2009
Area: Huron
Description: Are you looking for a home that has it all? You're in the right place! Disc...
Listing Office: Ace Realty, LLC
Office Email: office@acerealty.net
Last Updated: February - 13 - 2025
$299,500
20912 404th Ave, Huron, SD 57350
View Photos (74)Virtual Tours (1)
# of Bedrooms: 4
# of Bathrooms: 1
Square Footage: 2296
Year Built: 1925
Area: Huron
Description: Breathe in the fresh country air and feel the freedom of 15 sprawling acres...
Listing Office: Ace Realty, LLC
Office Email: office@acerealty.net
Last Updated: February - 13 - 2025

Information deemed reliable but not guaranteed.

Reasons To Consider Condos in Your Home Search

Reasons To Consider Condos in Your
Home Search

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:

 

A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”

 

That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):

 

In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.

 

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.

 

Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.

 

Bottom Line

It could make a lot of sense to add condos to your home search. Let’s connect today if you’re ready to check out the options in our area.

Recent Posts

New Listings

3 matches found

$225,000
1118 Beach Ave SE, Huron, SD 57350
View Photos (50)
# of Bedrooms: 4
# of Bathrooms: 1.75
Square Footage: 2088
Year Built: 1949
Area: Huron
Description: Charming single-story ranch home with a large basement! Featuring 4 spaciou...
Listing Office: Montgomery Real Estate
Office Phone: 605-352-3332
Office Email: realestate@montgomeryagency.com
Last Updated: February - 14 - 2025
$625,000
1375 Riverview Dr, Huron, SD 57350
View Photos (69)Virtual Tours (1)
# of Bedrooms: 5
# of Bathrooms: 3.5
Square Footage: 4120
Year Built: 2009
Area: Huron
Description: Are you looking for a home that has it all? You're in the right place! Disc...
Listing Office: Ace Realty, LLC
Office Email: office@acerealty.net
Last Updated: February - 13 - 2025
$299,500
20912 404th Ave, Huron, SD 57350
View Photos (74)Virtual Tours (1)
# of Bedrooms: 4
# of Bathrooms: 1
Square Footage: 2296
Year Built: 1925
Area: Huron
Description: Breathe in the fresh country air and feel the freedom of 15 sprawling acres...
Listing Office: Ace Realty, LLC
Office Email: office@acerealty.net
Last Updated: February - 13 - 2025

Information deemed reliable but not guaranteed.

Why Buying a Home Is a Sound Decision

Why Buying a Home Is a Sound Decision

If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.

This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.

 

Home Price Appreciation in the Years Ahead

Over 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return to more normal levels of appreciation through 2027.

 

The big takeaway is experts aren’t forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate. And when they look further out, they see steady price appreciation in the long run. That’s a great example of why homeownership wins over time.

 

What Does This Mean for You?

Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. Here’s how a typical home’s value could change over the next few years using the expert price appreciation projections from the survey mentioned above (see graph below):

 

In this example, if you bought a $400,000 home at the beginning of this year and factor in the forecast from the HPES, you could accumulate over $54,000 in household wealth over the next five years. So, if you’re wondering if buying a home is a sound decision, keep in mind what a strong wealth-building tool it is long term.

 

Bottom Line

According to the experts, while we may see slight depreciation this year, home prices are expected to grow over the next five years. If you’re ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) are projected to grow. Let’s connect to begin the homebuying process today.

Recent Posts

New Listings

3 matches found

$225,000
1118 Beach Ave SE, Huron, SD 57350
View Photos (50)
# of Bedrooms: 4
# of Bathrooms: 1.75
Square Footage: 2088
Year Built: 1949
Area: Huron
Description: Charming single-story ranch home with a large basement! Featuring 4 spaciou...
Listing Office: Montgomery Real Estate
Office Phone: 605-352-3332
Office Email: realestate@montgomeryagency.com
Last Updated: February - 14 - 2025
$625,000
1375 Riverview Dr, Huron, SD 57350
View Photos (69)Virtual Tours (1)
# of Bedrooms: 5
# of Bathrooms: 3.5
Square Footage: 4120
Year Built: 2009
Area: Huron
Description: Are you looking for a home that has it all? You're in the right place! Disc...
Listing Office: Ace Realty, LLC
Office Email: office@acerealty.net
Last Updated: February - 13 - 2025
$299,500
20912 404th Ave, Huron, SD 57350
View Photos (74)Virtual Tours (1)
# of Bedrooms: 4
# of Bathrooms: 1
Square Footage: 2296
Year Built: 1925
Area: Huron
Description: Breathe in the fresh country air and feel the freedom of 15 sprawling acres...
Listing Office: Ace Realty, LLC
Office Email: office@acerealty.net
Last Updated: February - 13 - 2025

Information deemed reliable but not guaranteed.