June marks the start of the month-long celebration of National Homeownership. It is to celebrate the homeowner's feeling of stability and security of owning a home. By becoming a homeowner, you can be part of communities and neighborhoods where you can just be yourself and be one step closer to the American dream. If you are not yet a homeowner, plans to purchase your first home, second, or nth home your goals should not end here. Homeownership is just the beginning.
National Homeownership Is Every Month!
But how did National Homeownership Month come to be?
In 1995, then-President William Clinton's administration started this whole thing as a promotion or a strategy to encourage more Americans to purchase homes across the nation. It began as a week-long celebration, but then in 2002, President George W. Bush decided to prolong this celebration for the entire month of June.
Who is part of this celebration?
Everyone! Today, our homes mean so much more than they seem. For many of us, our homes have been our safe haven where we endured the most difficult moments of this global pandemic we are facing. Not only that, but they have also become our workplace and schools for our children.
Why do we need to celebrate National Homeownership month?
Because why not? Homeowners have every right and reason to celebrate. Homeownership is a really great investment, and its benefits are not just solely financial.
Here are some of the benefits of owning a home.
Knowing that you have a place you can truly call your own will give you the feeling of security and a sense of freedom to be yourself without fearing other people's judgments.
Customize it to your heart's content
You can build your house to your liking and make it reflect your personality and your values in life. You can renovate and customize it to your heart's content without asking for anyone's approval as opposed to if you're renting because then you'd have to seek your landlord's approval.
Build your Equity
Another way to build equity is to own a home. Over time, this investment will gain more value, and with each payment, you make for your mortgage, your equity also grows, which gives you more borrowing and purchasing power.
Helps you build Credit
35% of your FICO score is from your payment history, and if you diligently pay your mortgage on time, your score would naturally go up as well. As you continue to reduce your mortgage loan balance, your score also goes up, but at the same time, late payments will cause your score to drop.
The bottom line is if you are one of those blessed to be a homeowner, take this time to be thankful and celebrate the ways homeownership has changed your life for the better.