Mortgage and Portfolio Loan Guide

6 Reasons Homeowners are Happier People

Happiness thru Homeownership

6 Reasons Owning a Home Will Make You a Happier Person

The economy is getting better. Mortgage rates are still low. Home prices are still fantastic in many areas. But those are just market conditions. Let’s put those aside for now. Instead let’s take a look at why acquiring your piece of the American dream will make you a better person. Below are the reasons you’ll be happier as a result of being a homeowner.

1. Impressing the opposite sex. Chicks dig a guy that can buy his own home. Being a high quality partner in the eyes of our mate is something we all strive for. We are happier when we feel a genuine connection with the person we want to impress. What better way to prove you’re a keeper by showing you have the ambition to be a homeowner? It’s proven that 87.3% of women would be more likely to go on a 2nd date with a guy that owns a home versus a renter (yes, I just made that up, but I’m sure it’s close). Not only that, but your relationship can become more dynamic when you’re not sharing a paper thin wall with “Old Man Smokie” in the apartment unit next door.

2. You will have better credit. Having good credit gives you flexibility, and a feeling of accomplishment. Having bad credit can lead to frustration, and a feeling of being inadequate. When you own a home or are preparing to buy a home you tend to take better care of your credit. What’s the worst that can happen when you’re late on a rent payment? Maybe a late fee coupled with a cold shoulder from your land lord. Big deal? Not really. What’s the worst that can happen if you’re late on your mortgage payment? Credit score drops, and you get denied for financing on that car you promised your daughter for her graduation gift. Pretty serious. So as a result, you’re more inclined to be on top of your finances, and keep things in order as a homeowner. The responsibility of carrying that mortgage naturally motivates you to grow, and become more of a well rounded individual.

3. You can have whatever kind of dog you want. Man’s best friend. When you come home after a long day of work, there they are. Wagging with delightful appreciation. Telling you “Welcome home my friend. I missed you so much. You are an awesome person!” Happiness on four legs. If you’re renting you will be limited to your housing options depending on what kind of dog you have. Don’t believe me? Pull up craigslist, and search “pet friendly” in the rent section. You’ll find a handful of listings. Usually homes that allow dogs up to 20 lbs. Yeah, good luck with that. However, if you buy your own home, you can get the English Mastiff from The Sandlot if you so desire. Restrictions may apply in condominiums, and neighborhoods with strict homeowners association policy.

4.Gets you closer to retirement. If you play your cards right you can feel much more comfortable when it’s time to retire. The vast majority of people don’t stay in a home for 30 years and pay off their original mortgage. But if you are disciplined enough, you can time it out so that you don’t have a housing payment in your golden years. Here is a realistic example: Buy a house at 28. Sell home and upgrade to nicer home at 33, with room for the family to grow. At 38 refinance the home to finish the basement, and do needed upgrades. While raising kids you’ll probably want to keep the payment low and stay on track with a new 25 year mortgage since you’re already 5 years into the mortgage. After the kids graduate college you’ll be an empty-nester at 55. No more college expense allows for higher mortgage payment. With only 8 years left on the mortgage, you put an extra few hundred dollars per month toward the mortgage, and pay it off in 5 years. At age 60 you’re ready to retire with no mortgage payment.                         

5. Better problem solver. Owning a home inspires you to think and fend for yourself. There isn’t some maintenance phone number you can call to have someone come out to fix a leaky faucet. You have to figure it out. Again, this forces you to put on your thinking cap and do things you wouldn’t normally do. When you are put into that position you’ll be surprised on how creative you can actually be. Yes, there may be a considerable amount of swearing involved. Yes, there may be several wasted trips to Lowes. But when you complete a task that you’ve never done before, you become more comfortable taking on bigger challenges.

6. Stronger sense of self worth. Have you ever gone to a friend or family member’s house within the first few months of them buying it? Their whole demeanor is shifted from before they bought their home. There is something special that happens when it actually hits you. When the “I can’t believe it’s really mine” feeling enters your mind, it’s a moment of fulfillment. You think back on all that you have done to get to that point of getting the keys to your front door. The time you spent perfecting your resume to get the job you needed. The months or years it took to save for down payment. The attention to detail it took to pay all your bills on time to have good credit to qualify. It’s a real confidence builder when all the pieces of the puzzle come together.

Are there new challenges and frustration that are involved when owning a home? Of course. But that’s the beauty of it. You learn so much, your patience is tested, and you grow as a result of it all.

What questions do you have?