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Whether you're purchasing your first home or your third, knowing that the house you live in belongs to you fills you with a sense of accomplishment. Along with this feeling of pride comes a large array of benefits. Here are five advantages of home ownership:
You Can Choose the Home That Fits Your Lifestyle
Purchasing a home often provides the opportunity to select from a variety of different houses to find one that fits your lifestyle. For example, if you're looking for a nontraditional home, you can buy a condo, town house, or patio home, or if you don't want to take care of the lawn and landscaping, you can purchase a home that has a homeowners' association who can do it for you.
Remodeling Is Your Choice
Do you want to remodel your outdated bathroom or old-fashioned kitchen, or add an extra bedroom to your existing home? One advantage of homeownership is that you are free to design your home exactly as you like. Make sure to consult with your local government for necessary permits and other legalities.
You Have the Liberty to Expand Your Outdoor Living Space
Owning a home often includes the land on which it was built. As a homeowner, you are free to decide how you want to use your outdoor living space. For example, you might build an in-ground pool in your backyard, install a swing set for your kids, or construct a large deck for entertaining.
You're Building Home Equity
A house is typically one of your most valuable financial assets and only continues to build equity the longer you live in it. Your home's equity is the monetary difference between its fair market value and the outstanding debts you owe on it. Other factors, such as residing in a sought-after neighborhood with limited housing supply, can quickly boost your home's equity.
The Monthly Payments Are Consistent
A fixed-rate mortgage keeps your principal and interest payments constant for the life of the loan. Your real estate taxes and homeowner's insurance may fluctuate a bit, but typically you can depend on the same payment every month. Better yet, you have the opportunity to rid yourself of any principal and interest payment by paying off your mortgage in full.
Mortgage rates are at historic lows. Now is a good time to buy or list your home. Contact me today!
