Earlier this year, we talked about home buyer remorse and the most common regrets buyers have expressed. While buyer’s remorse can happen, it shouldn’t overshadow the fact that most homeowners are darn glad they bought a house – and the vast majority would not return to renting.
A Bank of America survey asked 2,500 previous home buyers how they felt about home ownership. Overwhelmingly, 93% said that owning a home made them happier than renting. 80% of the same respondents said they would not go back to renting. Like, ever!
These happy homeowners cite the emotional and psychological benefits of home ownership as their primary reason for contentment. 88% proudly say that “buying a home is the best decision they ever made.” Some say that home ownership has actually made them a better person! About 79% said that owning a home changed them for the better.
The sense of personal security, stability and control that come with home ownership seem to provide confidence in other areas of life. About 75% of homeowners said their relationships with family and friends changed for the better since they bought a home. Almost 80% reported a boost to their social life as a result of home ownership. Additionally, many reported an increased ability to enjoy hobbies and interests once they had their own home.
This isn’t saying that home ownership is a magic wand. If you don’t get along with certain people in your life as a renter, buying a home won’t automatically make you more popular. Whether or not home ownership makes you happy, comes down to your personal reasons for desiring home ownership in the first place. For some buyers, it’s an economic decision, rooted in practicality. For others, it’s about having space to host gatherings, or build a family, and make memories. Then, there’s buyers who want better privacy and more control over their day-to-day living. Quite often, the motivation is all of the above!
Knowing what you want, and planning well for it, will help you become a happy homeowner! We can help you!
StartingPoint Realty – your first-time buyer specialists!
StartingPoint Realty proudly serves first-time home buyers throughout Chicago and the Northwest suburbs. Get an introduction to home buying by attending our free home buying seminar! There’s no sales pressure and no obligation. Space is limited, so please register your choice of location and date to reserve your seat!
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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