There’s nothing wrong with wanting to achieve the American dream. In the grand scheme of things, everyone deserves to get what they are working hard for. And this can include dreaming of success and stability or reaching all the goals they have in life.
For some, that can be realized in the ability to own a home without suffering from bankruptcy. The idea of having a nice home in a fancy suburban neighborhood with your family is a beautiful depiction of the American dream. Especially if the house is located in a superb school district and the crime rate is close to non-existent.
Due to this picturesque idea of what people can achieve if they worked hard enough, many people are compelled to look into homeownership and how it can raise their quality of life. Despite the current state of the housing market, it’s not impossible to find affordable housing opportunities if you know where to look.
Homeownership is not overrated, nor will it ever be, because it has plenty of benefits for those who actually want them. You don’t have to be a millionaire to own a home; all you need is good credit and the ability to stick to the terms of your mortgage plan. Here are three reasons why people still dream of becoming homeowners:
Gives You a Place to Call Your Own
You can’t call yourself a homeowner if you’re only renting a place. When you rent, there’s always the possibility of moving to someplace new. This can either mean that you don’t want to be tied down to a long-term commitment or you can’t afford the down payment if you were to buy a house.
But renting a home feels different from owning one. There’s no sense of entitlement to renting because the place isn’t yours to begin with. You can sign a lifetime lease that allows you to reside in your rented house until your landlord sees a better opportunity and decides to cut your lease short.
However, if you truly have a place to call your own, you won’t have to live with the uncertainty that one wrong move can get you kicked out. Failing to pay your monthly mortgages can result in foreclosure, but if you can keep up with your payments, there’s no reason why you will be forced to leave your home.
Proves Your Financial and Emotional Stability
Being a homeowner can also be a sign that you have achieved stability in your life – whether it’s financial or emotional. It means that you are ready to plant your roots and build a life on your own without living under the shadow of your parental figures.
Financial and emotional stability are both attractive qualities in an adult, particularly because it shows that you aren’t fazed by minor problems that would otherwise be destructive to an adolescent. Owning a house exhibits a level of maturity that can only be developed through time and experience.
Having the ability to keep up with your mortgage payments, monthly dues, and utility maintenance is a strength of a responsible adult. These might sound easy enough, but the true challenge lies in doing the same things repeatedly without faltering.
Prepares You for the Future
Some professionals in the financial sector might argue that houses aren’t investments, particularly if you’re buying them as your permanent residence. In the most basic sense, investments are those that can provide returns in the long run. So unless you’re going to rent out the home, it can only be counted as a purchase.
However, that argument can be countered if you look at buying a house as an investment for your future, especially considering equity. Home equity is the portions of the property that you truly own, which you can build by paying your monthly mortgages or when the house’s market value increases.
This means that as long as you make your regular payments, you will have the option to utilize your home’s equity in the future. Many homeowners don’t realize how much value they have in their houses until it’s too late, when in fact, their equity is a dormant wealth that they’re sitting on top of.
For a lot of people, their houses are their only assets. While this single asset may not look like much when the retirement period comes, and they can no longer hold a job, their equity might be the very thing that will allow them to continue a certain quality of life.
Just because the times have changed doesn’t mean the American dream will. It may have been adapted to fit society’s current state, but it will never be rid of wanting to provide equal opportunities for everyone. And this includes the opportunity to own a home that they can be proud of.