Why do homeowners tend to be on average more satisfied with their lives and more involved in their communities? Are Happiness and home ownership related?
Own or Rent
Is that the Question of Happiness?
Creating your own paradise
Despite more younger people prefer to rent home ownership has been and still is the lifestyle of choice. People grown up in rural communities are more attached to the land than city people. I like the idea being attached to the land, making use of the land and when fruits falling off the tree the financial benefits are great in progress of time. Maybe the source of income sets people’s lifestyles apart. City people tend to spend more for the life in the fast lane.
Commonly discussions about home ownership are entirely based on financial considerations. For some people is the housing market just too expensive and it makes more financial sense to rent. I believe taking control to make life better is something that renters may never feel of being able to say – this home is mine, I own it.
For creating a paradise you need money. In countries with low retirement funds home ownership works like a forced savings plan and is an excellent way to cumulate wealth. That property values eventually go up is because of the attached land. Nobody (apart from God) can create land and so the scarcity value increases.
If you know your home is yours, you live with a lower level of anxiety, you sleep better because you are in control. You may renovate, choose the colors you like and make your life as comfortable as possible.
Don’t misunderstand me here. I am not saying that happiness depends on home ownership. Interestingly either way, there is no conclusive evidence. People’s circumstances, needs and lifestyles differ with age, profession and cultural background. But conventional wisdom is that homeowners tend to be on average more satisfied with their lives and are more involved in their communities. Happiness and home ownership are positively and statistically significantly related.
Also happiness is the feeling to have something accomplished that provides financial and emotional security. That is why owning a home shapes attitude and life more than anything else.
Here is my advice:
For ownership don't just be ready emotionally, be ready financially. Invest in yourself is the primary strategy. By that I mean good education, skills and find a fulfilling job or good income. Note, “your house” will occupy a lot of your free time.
Save sufficient, avoid high debt levels and buy only if you are confident and sure to keep your house long-term, because the longer you own it the lower the risk you will lose it.
Do not speculate on capital gain as purchase decision, because the holding costs for maintenance, upgrades and repairs do reduce the net gain substantially.
Home ownership is not only a liability financially, also legally for instance when tree branches, roots etc damage neighbour’s property. That is an important consideration when purchasing a property with trees along the boundary.
There is no doubt Feeling Happy and Money are related. But certain is you can’t buy happiness. A truly happy person is one who enjoys a fulfilling life and housing is part of it.
Klauster Properties Ltd. - Homeowner's Blog
Homeowner’s joy and misery
Klauster Blogs lead to a real person, IT professional, investor, landlord and business owner with interests in technologies, residential properties and healthy lifestyles.
The passion of making experiences available comes from renting in different countries and working with people who are interested in home ownership. Helping people to avoid pitfalls has been most rewarding, when forming relationships.
Our philosophy to treat life, partnerships and hobbies as an investment has helped people in our circle. Life is a dream with a deadline, happiness comes from making the right choices by having realistic expectations.
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