Social Benefits of Home Ownership
These social benefits were charitable activities, civic participation in community, and greater awareness in political process, social capital generated, greater attachment to the neighbourhood and neighbours. When you owned a home, you can really get in touch with the people surrounding you. Homeowners take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments and those skills transfer to their children. Other social benefits you might get lower teenage delinquencies and general increase in positive outlook to life. Homeowners reported higher life satisfaction, higher self-esteem, happiness, and higher perceived control over their lives. Better health outcomes, better physical and psychological health are the social benefits you will get in home ownership.
Homeowners will not only experience a significant increase in housing satisfaction, but also obtain a higher satisfaction even in the same home in which they resided as renters. Homeowners better maintain their homes, and high quality structures also raise mental health -renter-occupied housing appreciates less than owner-occupied housing.
These are some of the benefits you will get when you owned a home. We all know that home ownership is not very easy; it requires lots of requirements and money of course. Home ownership is an investment so while you are investing, you are gaining benefits too, different benefits that will surely fulfil your needs in and outside of your house. Becoming a homeowner comes with a lot of responsibility, but also a lot of rewards, rewards that you’ll surely get and will surely satisfy you.