When it comes to owning a home, you are taking your “residential relationship” to the next level. While you don’t have to consider it a marriage, things have gotten serious (and a little more permanent). As matchmakers in Real Estate, we decided to compile a list of 3 things that we (and our clients) love about homeownership.
- NO MORE RENT!
One of the biggest decisions one makes when moving to a new place (or out of their parent’s place) is whether to rent or to own. Trying to justify buying a home can be financially intimidating, as well as feel like a premature commitment. With more than half our buyers being First Time Home Buyers, we understand the apprehensiveness when looking to buy. Because of this, we continuously look to improve our process when keeping new buyers well-informed through our informal learning sessions, like our First Time Home Buying Seminar in March. Through these seminars, we like to help people further understand the economics of renting versus buying. When you finally take the leap towards graduating from renting to a mortgage, you will appreciate your ability to pay home payments towards something you own. Paying down your own debt is always better than paying down your landlords.
- Building Equity
Averaging at an increased rate of 3-4% a year, your commitment to investing in yourself by purchasing your own home can also be rewarding! With each passing year, a healthy housing market could help you to accumulate wealth through growing equity. Who knew that owning your home could go from a debt to an asset?
Last, but not least, neighbors will always be one of the things we love about homeownership! When looking for a home, one of the deciding factors is the neighborhood. Moving to a home that you own creates a sense of belonging and fosters a sense of community that usually isn’t cultivated in a temporary renting situation. There is no better feeling than being welcomed and accepted into the community surrounding your new home.