Understanding the Psychology of Homeowning

Before we can become homeowners for the first time, we need to understand first what it's going to cost us. We need to plan out our budget early. This ensures that we would maintain financial stability as we buy our house and cover the additional costs after it (such as mortgage and other maintenance fees). But the prices of home buying are so much more than that. It can also take a massive toll on our mental and emotional states.

The first step to home buying is sure that we're financially, mentally, and emotionally ready for the task of home owning. One of the best ways to do that is to understand what goes on in actual homeowners' minds. What made them feel sure that they were ready to own an entire house? How do they think now that the novelty of a new home has worn off?

These are some of the biggest influences in the minds and emotions of homeowners.

Readiness to Make a Big Investment

As suggested before, being financially ready is a huge part of becoming a homeowner. We need to determine first that we can genuinely afford to buy a house. But just because we have the money, that doesn't mean we're ready to own a home.

Buying a house is a significant investment. We may not be new to making substantial investments. We might have purchased cars, high-tech computers, and even an apartment in the city. But buying a home or having one built is very different. For one, it can mean pouring your entire life's work into one purchase. Are we ready to meet with real estate agents or work with professionals with a construction license?

So we need to determine that we're mentally and emotionally ready to make that kind of investment. To do that, we need to envision the type of life we want to build in that home. Are we anticipating a family home where our kids can play in the backyard and grow up? Are we picturing a house where we'll grow old with our spouse? Once we truly understand the kind of life we want to have in this house, making a significant investment shouldn't be difficult.

The Balance Between Practicality and Instinct

Because buying a house is a significant investment, we need to make smart decisions about it. This is why location is a crucial part of finding a home for us. It's more than just buying or building a beautiful home. We need to consider a lot of things. For example, is the nearby school district competitive and beneficial to our children's academic future? Is it close to our office? Do we have families living nearby so that our parents and other relatives can visit?

These things are crucial to homeowning. But these things aren't the only ones that matter. Our emotions about the house should matter as well.

According to George Sell of What House magazine, about 80 percent of houses sold are influenced by female homebuyers. Whether that's consciously or subconsciously, the wives and mothers have the final say about the home. This is significant because Sell also said that for many female buyers, the house needs to 'feel right.'"

So, as budding homeowners, we need to find the balance between practical reasons and trusting our guts.

American Dream = Happiness and Fulfillment?

Because our instincts play a huge role in our decision to buy or build a home, our happiness matters very much. Homeowning involves making a considerable investment and making a lot of commitments. Not only do we become committed to a mortgage, but we also become more committed to our spouses and children. So we need to determine if settling down in a home that's the picture of the American Dream is our path to happiness.

It's notable to understand, though, that not all homeowners are happy. According to a study conducted at the University of Pennsylvania, about 600 female homeowners in Ohio weren't more content than those who rent. The biggest reason is that these women spend less time doing fun activities such as active leisure. Home maintenance and other responsibilities just kept getting in the way of their free time.

Gaining a deeper understanding of homeowners' mental and emotional states will help us decide if we, too, are ready to become like them. This is a crucial step to home buying because if we don't do it right, then the financial, mental, and emotional costs would be too high to pay.