4 Reasons To Own Rather Than Rent
Erica White
Erica has had a few different roles with the team throughout the years, originally coming on as Director of Operations, then Director of Seller Relati...
Erica has had a few different roles with the team throughout the years, originally coming on as Director of Operations, then Director of Seller Relati...
Homeowners have equity: Investing in yourself and not into another person’s mortgage payment. Fixed mortgage rates can’t and won’t increase like paying rent can at the whim of your landlord. Your mortgage stays the same and once it’s paid off you are sitting on an asset that can be used to leverage other purchases OR give you a sense of financial stability. Real Estate is one of the most stable investments you can make.
Mortgage debt is the only kind of good debt: Speaking about your credit score here. In addition to this, did you know you get tax benefits from owning a home? You can deduct mortgage interest payments, and some of the improvements could be eligible for deduction.
It’s yours and you can do what you want with it; you’ll never need to ask your landlord’s permission again! Paint the walls, demo doorways, and put your own spin on your space. The limit is your imagination and your budget; there’s no landlord to pay for repairs if you try and DIY so remember to hire professionals before you knock out a supporting wall. If you liked having someone to lean on you could always purchase a home within a homeowners association. It might cut back on a bit of that freedom (particularly with your exterior) but could also mean that a portion of the maintenance of your home is taken care of; Like lawn care for instance.
Budgeting becomes much easier in the long term. With a fixed payment and the gradual accumulation of equity in your home. It is much easier to save money when you know with certainty what bills are coming.
Before you become dead set on home ownership you should talk to a mortgage lender and make sure you’re able to be pre-approved for a mortgage. Not only that, mortgage lenders can give you an estimate of the upfront costs to purchase a home as well as the going interest rates of the season.
You can also talk to us! As experts in the real estate market, we can tell you the pros and cons of owning real estate. We will look at your individual lifestyle and situation and give you a customized plan for homeownership.