Owning a home is more than just an address. The investment you make when you become a homeowner includes a wide variety of benefits from building financial stability to strengthening your community. Here are four great benefits that homeowners can achieve from buying their own home!
Make Your Home Your Space
If you make the move from renting to owning, you no longer need to worry about a landlord dictating what you can or cannot do. You are the boss which means you have the freedom to create your dream kitchen, design the perfect office space, re-paint the walls, or customize your yard for your pets. Homeowners appear to be more focused on creating a space they love more than ever. In fact, 73% of homeowners say they planned to renovate in 2019, up 26 percent from a year ago, according to a survey conducted by LightStream.
Invest and Build Wealth for the Future
It’s probably not a surprise to learn that homeownership is a great financial investment to make. In fact, data from the Federal Reserve indicates the net worth of a homeowner is over 40 times greater than that of a renter. Homeowners simply build their wealth by paying their mortgage and contributing to a “forced savings.” Mortgage payments contribute towards your net worth by increasing the equity you have invested in your home. The significant impact that home equity plays is a big reason why Gallup reports that Americans picked real estate as the best long-term investment for the seventh year in a row.
Achieve Financial Stability
The average rent increase per year is somewhere between 3% and 5%. Homeowners, however, can take advantage of home loans that have steady, affordable monthly payments which can help stabilize budgets.
Strengthen Your Community
From being in the best neighborhoods to the best school districts, stability, safety, and security are major reasons for purchasing a home in the best possible location. Living, contributing, and being part of a strong community is also important for so many homeowners. It truly defines what “home” is – your community, your town, your neighborhood, your home.
Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a wonderful time to think about buying a home. Contact any of our Loan Officers today to start the process!
