If you’re deciding whether to rent or buy, you’re probably weighing several factors. The financial benefits of homeownership may be one reason you’re considering a purchase. But there’s another part of the decision worth thinking about: how you want to feel in the place you call home.
Having a space that is uniquely yours can bring pride, comfort and a stronger sense of connection. It can also give you more freedom to make changes that reflect your preferences.
If your rental agreement has kept you from updating your living space, that freedom may matter to you. Here’s how owning a home and making it your own can contribute to your happiness.
A Home That Feels Like Yours
There’s a significant sense of pride that can come with homeownership. It’s not just about having a place to live. It’s about having a space that belongs to you.
Think about what “making yourself at home” means to you. Maybe it’s painting a room a color you love. Maybe it’s updating the floors or creating a home office. Those preferences are personal, and they deserve a place in your rent-or-buy decision.
You don’t have to ignore the financial side to recognize the emotional side. Both matter. The question is not simply whether you want to own property. It’s also whether you want the ability to shape the space where you spend your time.
What Remodeling Can Add Beyond Appearance
A report from the National Association of Realtors, or NAR, shows that updating or remodeling a home can help people feel more at ease and comfortable in their living space.
NAR measures that happiness through a Joy Score, which indicates how much joy specific home improvements bring. The report identified several interior projects that received a perfect Joy Score of 10:
- Painting the entire interior of a home.
- Painting one room.
- Adding a new home office.
- Refinishing hardwood flooring.
- Installing new wood flooring.
- Renovating a closet.
- Upgrading insulation.
- Converting an attic into living space.
The report also describes how these projects can strengthen people’s emotional attachment to their homes, even making them want to spend more time there.
That’s an important distinction. A home improvement is not only about what looks different when the work is finished. It can also be about how you feel when you walk into the room and use the space.
Smaller Changes Count, Too
Some of the projects on NAR’s list are substantial. An attic conversion is a very different undertaking from painting one room. But both appear on the list of projects receiving a perfect Joy Score.
The takeaway is straightforward: a smaller update can still bring a greater sense of joy and accomplishment. You don’t have to think only in terms of a major renovation when you picture making a home your own.
Start by asking yourself which changes would feel meaningful. Would you most enjoy a freshly painted room? Refinished floors? A closet renovation? Use your own preferences to think through what a more comfortable home would look like.
More Freedom to Make Changes
The finished project is only part of the appeal. There’s also satisfaction in having the freedom to make the decision in the first place.
In most situations, homeowners can update or renovate their home’s interior without needing additional permission. Renters may not have that same flexibility.
As Business Insider points out:
Your landlord won’t always approve changes when you rent. But you have the power to update the home when you’re the owner. (Just make sure any big changes are approved by your homeowner’s association, if necessary.)
If you’ve wanted to personalize a rental but couldn’t get approval, that difference may feel especially important. Owning can give you more say over how your living space looks and feels.
Keep Homeowners Association Requirements in Mind
More freedom does not mean you should assume every change is unrestricted. As the Business Insider guidance notes, homeowners association approval may be necessary for big changes.
Unless specific homeowners association requirements apply, owners typically have more freedom over the changes they make. If an association is involved, make checking its requirements part of your planning.
You May Not Have to Undo Your Work
For renters, getting permission to make a change may not be the end of the story. Depending on the rental agreement, there’s a good chance the change will need to be reversed when the lease ends.
That can mean additional costs when moving out. It also means thinking about both the update itself and what your agreement requires afterward.
Owning your home generally removes that rental-agreement concern. Instead of planning around whether a landlord will let you keep a change, you can focus on the improvements you want, while keeping any applicable homeowners association requirements in mind.
Consider the Financial and Emotional Benefits Together
Home improvements may offer more than personal satisfaction. When you invest your time and effort wisely, upgrades could increase your home’s value and give your net worth a boost.
The key word is could. Treat that potential financial benefit separately from the joy you hope to get from a project. A change that makes you happier at home and a change that increases value are different considerations.
When thinking about ownership, ask yourself:
- What do I wish I could change about my current living space?
- How important is the freedom to customize my home?
- Which improvements would help the space feel more like mine?
- How do those emotional benefits fit alongside my financial reasons for buying?
Your Next Step
Renting or buying is a personal decision. Financial benefits are critical, but the pride, comfort and freedom associated with homeownership deserve consideration, too.
Write down the changes you would most like to make in a home of your own. Then reach out to Ed Parcaut to talk through your homebuying goals and how the financial and personal benefits of ownership fit into your decision.
