06 January . 2020
The Many Benefits of Owning a Home
Buying a new home is an excellent way to start building financial security. As you pay down the mortgage, you build up home equity, which is a valuable financial resource. Of course, the real estate market doesn’t always go up, so it’s important to consider your budget and lifestyle in your buying decision. To help you along, we’ve compiled several of the most common reasons for buying a home.
- It’s a Great Way to Build Wealth Owning a home can be a simple way for the average person to accrue wealth, as you often have the option of putting down relatively little cash up front. Meanwhile, you’re leveraging your investment and reaping the benefit of building equity as you pay down your loan.
- You Live in Your Investment According to a recent Zillow.com article, “Owning a home is an investment many people are able to understand more easily than buying stocks, because they get the tangible daily lifestyle benefit of living in the home. But the financial benefits are also significant, and can be more substantial than stock investing.” As your home appreciates, it accrues value faster than a stock might because you get the appreciation on the entire home’s value, not just the gain your down payment cash invested.
- Current Interest Rates are Grrrrrreat! Mortgage rates are at historic lows right now, so if you think you’re ready to buy a home, it’s a good time to make the move. “For prospective and actual homebuyers, the decline in mortgage rates has provided a much-needed boost to housing affordability,” says Mark Hamrick, senior economic analyst for Bankrate.
- You’re Putting Down Roots in a Community Buying a home in a lovely neighborhood, in a good school district tends to increase the value of a home over time – all while developing good friendships and strong bonds within your new community.
- It's All Yours! Want harwood floors? Go for it! How about that upstairs laundry room? Sure! Owning a home affords autonomy - you can make improvements as you see fit without having to answer to a landlord.
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