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4 Benefits You Achieve from Homeownership

View of Wilmington North Carolina from across the river

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!

4 Things You Should Do Before House Hunting

Once you decide to buy a home, the first thing you might want to do is to begin looking at houses online and setting up viewings. While looking at potential houses on the market is a crucial part of the process, jumping straight in could land you into trouble! Here are four things you need to check off your to-do list before you ever set foot in a home.

5 Signs It’s Time to Move!

Whether you’re running out of space, sick of your neighbors, or just ready to have the perfect home, here are some signs it’s time to make a change and move!

Do You Need Private Mortgage Insurance?

Not everyone can afford the standard 20% down payment when buying a home which means they need private mortgage insurance or PMI. So what exactly is private mortgage insurance, and how does it affect your home loan?

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011

 

 

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011