Over the past year our homes have become more than just a house we live in. For many, they are our workplaces, virtual school classrooms and a place we spend more time than ever before. Because of that, we need to make sure our homes fit our lives! There are many benefits to home ownership, one of them is just knowing you have a healthy shelter to stay in!
Everyone thinks about the financial benefits to home ownership and here are a couple of them:
-Net worth – homeownership builds your net worth. As you pay down your mortgage, you gain equity in your home. Also home prices have been increasing which will increase your equity in your home.
-Financial security – Homeownership is a great way to improve your financial position. Your mortgage payment will not change if you have a fixed rate mortgage – your taxes and insurance might, but the actual mortgage payment will not. Rent tends to change every year and usually goes up. Knowing you will gain equity in your home as you pay down your mortgage is a huge benefit to owning a home.
There are other benefits that not everyone thinks about when it comes to owning a home. Over the years I have taught first time homebuyer classes and some of the reasons people want to buy a home are very simple. It may be having a home that you can call your own, being able to do things like paint or decorate your home, have a garden, know what your payment will be, have a pet; some are simple and some are more involved. The pride of ownership – knowing that you have your own home and you can customize it to your own liking. Homeownership also helps with a sense of community for some. Knowing that you are in a community and there is participation in your local area. Some people like to be involved in your local areas, from schools to other volunteer programs in your neighborhood.
Economic benefits are another benefit – homeownership is a form of forced savings. For some, that savings allows a new entrepreneur to access the equity in their home to start or expand a business. You can’t do that with a rental. For others, it allows you to have a home that you may pay off and live in without a monthly expense (other than taxes and insurance).
The benefits of homeownership go beyond the basics. It is a way to build financial freedom, make an impact in your community and have a home that you can call your own! Remember if you are renting, you are just paying someone else’s mortgage! If you want to buy your own home, call us for a preapproval and we can help you to get your own home!
Leslie Vanderwerf, NMLS ID#335509, Cross Country Mortgage LLC, An Equal Housing Lender, NMLS#3029 – Email – Website
