The Intangible Measurement of Quality of Life...
There is a value, not mathematically measurable, that is too commonly overlooked in the realm of home ownership. Consideration as to whether you don't own a home or you do own a home, are both discussed below.
Should I Buy?
I just posted an article showing mathematically there is definitely financial benefits to owning now vs renting. With down payment assistance programs, or low down payment programs, you should definitely look into purchasing. The intangible benefits of owning your own home are quite significant. The pride, freedom, and the emotional calm benefits of home ownership. The home is yours, with absolute freedom to make it your own...without the restrictions of what you can paint or change that you have as a renter. As a Licensed Real Estate Agent, I always help my clients find a home considering the tangible and intangible considerations.
Cash-Out Refinance...yay or nay?
As a Licensed Mortgage Loan Officer, I provide a detailed and multi-dimensional analysis on whether it makes sense to take cash out to pay off debt, or to update/repair your home. If you take cash out, and use the money to update your home, you improve your quality of life while in the updated home. You also are contributing to your investment, as the home competes better when or if you sell, and is more valuable overall depending on the updates you choose to do.
Human nature in our given system has lead many of us into debt. Using cash to pay off debt can be analyzed for benefit based on costs and savings, but the intangible benefit of quality of life is also important. Paying off the debt, and getting out of the cycle of revolving credit (cc) has a tremendous impact on your quality of life by releasing stress and anxiety.
The intangible benefits and effects of a better quality of life are so important in so many ways. The one I want to point out here is when we are happier and less stressed, we produce more and work more efficiently - whether it is family or career. By improving your quality of life, in these scenario's, you are investing in yourself...for a better present (in the now), and for a better future (as you perform and 'live' better...having a better version of yourself).