During the past few years, we’ve heard a lot (and I mean a lot) of discussion about our personal spaces. After spending so much time in them (and if you work from home you still are) we wanted to do everything we could to make the space ours. If you are a renter, your landlord likely shot down your obviously brilliant plan to paint your walls in a neon 80s color scheme after watching Stranger Things. That’s why many are making the move to homeownership — the ability to make their home — neon walls and all — their own. Don’t forget, there are also the financial benefits too!
Let’s talk about the perks and how homeownership can bring you joy.
A Little Change Can Bring Lots of Joy
There’s a significant level of pride that comes from owning a home. That’s because it’s a space that truly belongs to you.
A recent report supports this emotional connection and showed that making updates or remodeling your home can help you feel more at ease and comfortable in your living space. The report even used a Joy Score (no I did not make that up) that indicated how much happiness specific home upgrades brought to people. Among the things that scored a perfect 10 — painting the entire home, painting one room, adding an office, refinishing hardwood floors, closet renovation, and converting an attic to a living space.
The report also breaks down just how much each of these projects can enhance your emotional attachment to your home, even leading you to want to spend even more time in the space (see graph below):
While many of these items are larger tasks, some, like painting rooms, are much smaller. Completing small, quick, projects can still bring you a greater sense of joy and accomplishment (just like adding “make a list” to your list and checking it off). Not to mention when you make upgrades in your home, you could be increasing its value which also gives your net worth a boost! So many wins!
You’re Free To Update Your Home to Your Heart’s Content
So now you are raking in the joy and happiness by feeling the freedom of painting your walls. But wait, there’s more! In most situations, you are free to renovate or update the interior of your home without needing additional permission — this is not something you are able to do as a renter. Realistically, if you can’t paint a wall, they also aren’t going to allow you to randomly demo a wall to expand your super small closet.
If you do make changes as a renter, there’s a good chance you’ll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out. Chalk another one up for joy — as a homeowner you can tear out any walls you like. Well, unless there’s a specific homeowner’s association requirement, you typically won’t have to worry about the changes you can and can’t make.
Deciding whether to rent or buy is a personal decision. The financial benefits are critical, but don’t overlook the emotional impact homeownership can have — homeownership can bring you joy. Let’s connect to discuss all the benefits you can enjoy when you purchase your own home.