Why Own a Home?
4 Benefits of Owning a Home
Homeownership not only can build a sense of pride and accomplishment within individuals and families, but it’s also an important step toward achieving long-term financial stability. Here are just a few of the benefits you can look forward to as a homeowner.
- You Can Build Equity Over Time. Equity is the difference between how much your home is worth and how much you still owe on your mortgage. As a homeowner, you’ll build equity as you pay down your loan principal. Home equity contributes to your financial stability and provides an option when you need to access funds. You can use equity to finance home improvements, and when you sell your home, the net proceeds from your sale can be used as a down payment for your next home!
- Your Monthly Payments Can Be Stable. Monthly rent payments may increase over time, but a fixed-rate mortgage will ensure that you’re paying the same amount each month. With a fixed-rate mortgage, your interest rate is locked in for the life of loan. Steady payments allow you to budget wisely and make plans for the future. When you’re ready to buy a home, your lender can help you understand the different mortgage options available and determine which one is right for your situation.
- Owning a Home May Offer Tax Benefits. Homeowners may be able to claim tax deductions on their mortgage interest and property taxes.
- You Can Create the Home You Want. The ability to create a space for you and your family to call your own is invaluable. As the homeowner, you have the freedom to paint the walls any color you choose, renovate your kitchen, adopt multiple animals and more. You can customize your own space without having to have approval from landlords.
Of course along with the freedoms of homeownership also come responsibilities, such as making those monthly mortgage payments on time and maintaining your home, lawn care, leaks, lights, general upkeep. But as a property owner that is protecting your own investment it is so worth the costs. We hope you can look into your options and weigh what you’re able to do while investing in you and your families futures. Give us a call to get that process started if you’re interested in learning about what you can be doing to take those first steps towards ownership.