These are unprecedented times, or perhaps unpresidented times.
I am seeing increased activity in folks looking at homes and making offers.
I certainly am not a sociologist, but I can’t help but think that many who have not purchased a home are no longer putting themselves on the sidelines. The economic reasons to buy are certainly significant, but there are many compelling reasons to buy a home and I think these are helping drive activity in the market.
Since I don’t have many friends, I asked ChatGPT to provide a list of non-economic reasons to buy a home:
1. Personal Stability & Security
• Sense of Permanence: You have full control over staying in the same place for as long as you desire.
• Control Over Environment: You can make modifications without needing permission from a landlord.
• Safety and Privacy: Owning a home can offer greater personal security and privacy compared to rentals.
2. Lifestyle Freedom
• Personalization: You can design, decorate, and renovate the space to match your personal style.
• Pet Ownership: You can have pets without needing permission or facing potential restrictions.
• Gardening: The opportunity to plant gardens or landscapes to create an outdoor sanctuary.
3. Family Reasons
• Room to Grow: More space to accommodate growing families and changing needs over time.
• Stability for Children: Stability can help children maintain consistency in schools, friendships, and extracurricular activities.
• Multigenerational Living: Space to house aging parents or extended family under one roof.
4. Community Connection
• Stronger Community Ties: Long-term residency often leads to deeper connections with neighbors and the community.
• Civic Engagement: A stronger sense of responsibility and participation in local events and decision-making.
• Cultural Belonging: Some communities foster tight-knit relationships, festivals, or traditions that homeowners can partake in.
5. Emotional Fulfillment
• Pride of Ownership: There is a unique sense of accomplishment and pride in owning a home.
• Sentimental Value: Homes can carry memories and emotional significance for families.
• Sense of Accomplishment: Personal fulfillment in achieving a long-term goal.
6. Customization of Environment
• Design Freedom: Ability to change layouts, add new features, and truly tailor the space to specific needs.
• Smart Home Integration: You can integrate advanced home technologies without approval from a landlord.
• Eco-Friendly Upgrades: Ability to implement environmentally-friendly options like solar panels or energy-efficient appliances.
7. Educational Stability
• Proximity to Schools: More control over location near preferred schools for children.
• School Continuity: Stability in one school district can benefit children’s educational progress and social life.
8. Health and Wellness
• Personal Fitness Space: You can create home gyms or wellness rooms to support healthy living.
• Outdoor Space Access: Private outdoor spaces can improve mental and physical well-being.
• Control Over Air Quality and Cleanliness: You have full control over the home’s cleanliness and any upgrades for better air quality.
9. Long-Term Family Legacy
Passing Down the Home: Homes can be kept in the family, creating generational continuity and legacy.
Memories Over Time: Homes can serve as the central place for family gatherings and holidays.
10. Creative and Professional Endeavors
• Work-from-Home Spaces: You can create designated home offices for remote work.
• Artistic Freedom: Studios or creative spaces can be set up without restrictions.
• Hobby and Craft Spaces: More room for personal hobbies or crafts that may require dedicated areas.
11. Spiritual and Cultural Practices
• Sacred Spaces: You can create dedicated spaces for spiritual or religious practices without concern for landlord policies.
• Cultural Celebrations: Freedom to host cultural or religious events without interference.
12. Pet Care and Outdoor Living
• Outdoor Activities: Freedom to build or maintain outdoor areas for activities like barbecues, play areas, or relaxation.
• Pet-Safe Environment: Freedom to create a space that is safe and comfortable for pets.
My wife and I have a small decorative pillow on our bed, “We stay together for the sake of the dog.” And it’s true. We’ve stayed together for 44 years, I’m sure because of Bumper, then Skippy, Jiff, Hope, Cinder, Daisy, Happy, Skipper and now Truman.
When you are buying your own home you don’t have to worry about the landlord saying “no pets!” – that’s a great reason in itself to buy a home!
Oh, and I can help with the home loan!
