Owning a home can be as abstract as the American Dream. It is what you make of it. But I firmly believe there are fundamental values in Homeownership that go beyond the numbers. I mention on my site, “a place to call home” as a bullet point of owning a home. This is what I mean.
Homeownership brings families together
This idea is not the end all to solve all the world’s problems. But it is a good start to promoting family values which in turn help contribute to good virtues in a culture. These things can lead to economic development and a healthy outlook on life. It’s that hope we long for in building our families and passing on a legacy to children. Home is where traditions form or carry on which always help bring families together making our most precious commodity, time, of importance. When we focus on our families in a comfortable setting, we are at home in some form. In this case, it’s YOUR home.
A voice in your community
A lot of attention today is focused on what is happening all around the world. But what about your community or small neighborhood? Homeownership has always promoted a vested interest in the community surrounding you; your neighbors, the local coffee shop or restaurant, High School athletics, small businesses, etc. Who determines how the community is formed? It’s always been the current Homeowners of today, not the owners of the past. There is certainly a legacy to be honored with the past. Continuing to maintain a community is also part of Homeownership.
My personal experience with this has evolved in the last few years participating with the local Chamber of Commerce, events, and developing great relationships with my surrounding neighbors. My reasons for being involved in some capacity were about creating a legacy for my kids and setting an example of what civic duty and responsibility looks and feels like. The rewards have been abundantly great and created a vested interest in what happens with the future of the community we live in.
Homeownership & Stability
Owning your home certainly has its financial benefits. Ways you can manage your equity can be found here. Beyond the numbers it also promotes a sense of stability. In times of a slow down with the economy or your business, your home may get you through the event because you developed good financial literacy in the process of ownership. Your mortgage payment and overall household expenses are reasonable enough with budgeting and a slow period. The added advantage is not needing to uproot your family because your lease is coming due or a Landlord wishes to sell the home to someone else. While it’s not the ideal situation, selling might be what you need to gain new ground in starting over.
None of us are immune to the risk of a slowdown. In 2014, when I was beginning a new career, I sold my home to start over financially, using the equity to pay expenses. While it was a difficult time, I was happy that I owned my home and had that opportunity. Within 15 months, I bought a new home so that our family could have that sense of security once again.
Talking with people about the value of homeownership often brings about this kind of conversation. The numbers can make sense to nearly everyone. But the action of “taking the next step” is almost always because of a hope or dream of some kind. It usually comes from the heart in the end. That is truly beyond the numbers.