Why owning your own home matters
Owning a home is a dream shared by many, especially in Australia. It's not just a financial investment; it's an emotional milestone, a symbol of stability, security, and perhaps success. The decision to purchase a home isn't merely a transaction; it's a choice tied to our desire for belonging, independence, and the pursuit of a better future.
As a highly introverted, home body – home is my sanctuary. It’s security, it’s calming, it’s satisfying, it’s where I want to bring my friends and family for special events and just an ordinary day; to share and enjoy. I find it especially satisfying to see a dilapidated house transform into a beautiful contemporary home that is a joy to live in, taking it from the worst house in the street to a beautiful place that I’m proud of. I love space, I love architecture, I love design, furnishing and gardens and landscaping!
To me a home has always been a high priority and I would happily go without other things to have a home I really love. For example, waiting a few years for an overseas holiday or not having lots of free time – using our budget and spare time to renovate and improve our properties has always been my approach.
For many this isn’t always the case, as long as they’re comfortable and it’s not leaking like a sieve or rat-infested – they’re all good. Everyone is different.
However, as the pandemic has taught us needing to spend time at home has changed many peoples view about where they live. With more flexible work arrangements, many people have moved further from city centres; making the commute a few times a week rather than daily. For others the preference is for a bit more space, maybe a garden, rather than higher density living and a small balcony if you’re lucky.
So for many it has again reminded us of why home is so important to us as humans. When you boil it down our desire to have a home is personal but often includes:
A Place to Call Our Own: There's an undeniable sense of pride and accomplishment in owning a piece of property. It's not just a physical space; it's a place that reflects our personality, values, and aspirations. Whether it's a cozy cottage or a spacious suburban house, it’s a canvas of our life.
Stability and Security: Renting provides flexibility, but homeownership offers stability. When we own our home, we have control over our living environment, free from the uncertainty of lease renewals or sudden rent hikes. It provides a sense of security for our family, knowing that we have a place to retreat to, regardless of the fluctuations in the housing market.
Building Equity: One of the most compelling financial benefits of homeownership is the opportunity to build equity. With each mortgage payment, we inch closer to full ownership of our property. Unlike renting, where monthly payments only serve as expenses, homeownership allows us to invest in our future, laying the foundation for long-term financial stability.
Sense of Community: Buying a home often means becoming part of a community. Whether it's a busy urban neighbourhood or a tight-knit rural town, homeownership fosters connections with neighbours, local businesses, and civic organizations. These social ties enrich our lives, providing a support system and a sense of belonging.
Freedom of Customization: Renting limits our ability to personalize our living space. Homeownership grants us the freedom to renovate, decorate, and modify our home to suit our preferences and lifestyle. From painting the walls our favourite colours to creating the backyard of our dreams, the possibilities are endless when we own our home.
Financial Investment: While homeownership requires upfront costs and ongoing maintenance, it's also a sound financial investment. Historically, real estate has proven to appreciate over time, providing homeowners with a valuable asset that can serve as a source of wealth accumulation and retirement savings.
Legacy and Generational Wealth: For many, owning a home is not just about securing their own future but also about creating a legacy for future generations. Passing down a family home is usually high in sentimental value and serves as a tangible reminder of our hard work and dedication.
The desire to buy our own home is often tied to a longing for stability, security, and a place to call our own. Beyond the financial benefits, homeownership fulfils our emotional need for belonging, independence, and the pursuit of a better life for ourselves and those we love. It's not merely a financial transaction but an investment in our future and the legacy we leave behind.
If you’d like to work through how to assess if you can buy your own home see my courses at www.lifelaunchpad.com.au.
