4 Reasons to Love Home Ownership
What’s better – renting or buying? It’s a question that most people consider at one point or another. There’s no universally correct answer to this question but owning may be the better choice for you. Here are four of the top reasons people decide to make the move to own a home and why they love it!
Making It Yours
Renters often hit a brick wall when it comes to making tweaks to their residence such as hanging pictures, painting walls, or even having pets. It can be extremely difficult, if not impossible, to customize your home and make improvements due to the rules the landlords lay down. Owning your own house, however, gives you the freedom to customize it the way you want. Want to build a fence for your dog or give the color on your walls an upgrade? Go for it!
Deep down, you know where you want to live and how to define what that looks like. Whether it’s near a lake, in a great school district, or simply being close to family and friends, living in a community that feels like home is important to many homeowners. So, when they find the perfect home in a community that fits them like a glove, making the move from renting to owning is such an easy choice!
Building equity is one of the primary financial benefits for home owners. Simply defined, equity is the amount of your home that you actually own. Put another way, home equity is a homeowner’s interest in a home which can increase over time if the property value increases or the mortgage loan balance is paid down. Either way you look at it, equity is an asset and part of your total net worth. Home equity makes it possible to buy your next home, borrow against the equity, or fund your retirement down the road. What’s not to love?
Home is where lifelong memories are made. A house is simply a physical structure, but a home is a place where you create meaningful memories with loved ones. It is a place for watching first steps, celebrating birthdays, enjoying family dinners and celebrating old traditions while creating new ones. Putting down roots with buying a house gives you and your family a place to enjoy for a long time.
While a 20 percent down payment is considered ideal, it’s not actually as common as you might think, nor is it a necessity to buying a home.
Finally made the decision to go from renter to home buyer? Check out our list of some basic starters that will get you on the way to your dream home.
While home buyers tend to mostly focus on listing prices of houses, don’t get surprised by the unforeseen costs of owning a home.