If you rent or crash on somebody’s couch, you’re missing out. Homeownership offers a freedom that can’t be found in renting; if you’ve never done the research — talked to a mortgage professional, consulted with a Realtor, driven around a few favorite neighborhoods to scope out what’s for sale — now is the time. Read on for a few of the freedoms homeownership offers.
Homeownership makes YOU the boss. Who likes answering to a landlord or management company? When you own your home, you have additional responsibilities, but you also hold all the cards. So go ahead – paint the walls, hang your pictures, and make the place your own. No permission needed!
Homeownership leaves you free to seek a return on your investment. As a renter, you will never see a dime of the money that goes into your rental payments. Investing in the lucrative real estate market gives you an opportunity to gain equity over time. In addition, interest on your mortgage is tax deductible every year.
Homeownership offers stability. Rents can and do rise over time, property changes hands, and you won’t always have a choice about the ongoing terms of your rental, or whether you can remain there long term. When you own your home, it’s yours. No one can pull the rug out from under you or change the terms of your contract.
Homeownership helps you build a strong credit history. Making your monthly mortgage payments on time every month shows lenders you are a good bet for future auto loans, home improvement credit, and positive financial terms in general.
Pride of ownership is awesome! A rental is never really yours…in the back of your mind, you always know the walls, floor, ceiling — all belong to someone else. Pulling into your own garage or parking space, glancing around the kitchen from the breakfast table and knowing what you see is really, truly your own, gives you a sense of pride that can’t be met when you’re sending in a rent check to pay somebody else’s mortgage.
Have you been pondering the benefits of owning your first (or next) home? I’d love to help you take the next steps to homeownership, or trading up to your next dream home. Drop me a line or pick up the phone.