Owning a home isn’t just an important part of the American Dream but also part of our way of life. With the challenges presented to us last year, home took on a whole new meaning. We quickly realized how it’s the center of everything we do – it’s where we not only live, but where we work, where we play, and where we teach our children. Home transforms lives.
And, this month is special. It’s National Homeownership Month, where we celebrate the benefits homeownership brings to families and communities. Here are 10 reasons why you should consider buying a home:
1. With mortgage rates low, it’s a great time to buy a home.
You may be able to save more money owning a home than you would by renting. Why not invest your money in something that’s yours, not someone else’s?
Plus, there are home loan programs that require little to no down payment or programs that offer down payment assistance. HOMESTAR also offers the Cash Advantage program, where you can have the same advantage as a cash buyer – helping you win the bidding war on the home of your dreams.
2. Owning a home is a good long-term investment.
When you invest in a home, it’s likely for the long-term. The rate of return when investing in a home increases the longer you own it as your equity grows and the home appreciates in value over time. (More on building equity in item #3 below.)
3. Buying a home builds equity.
Buying a home builds long-term wealth! With each mortgage payment you make, you pay down the debt and build equity (increased value) in your home. After you pay off your mortgage, you own an asset worth a lot of money.
4. As a homeowner, you have a place to call your own.
When you own a home, you can get creative and do whatever you want to it! Go wild! Adjust the home to fit your lifestyle by making upgrades, which can increase its value.
5. Homeowners grow with their community.
Unlike renting, when you buy a home, you become tied to the community that surrounds it. Homeownership allows you and your family to build long-lasting relationships, which strengthens the community. And, children thrive in environments that encourage social interaction.
6. Hello, privacy!
Goodbye, neighbors too close for comfort and unexpected visits from an outside property owner. Homeownership brings you privacy, and you can increase it with physical additions to your home, such as fences, planting trees, and installing a video doorbell.
7. There’s pride in ownership.
This is likely the number one reason why people enjoy owning a home. After all, buying a home is an amazing accomplishment and milestone in one’s lifetime! Homeownership not only gives you and your family a sense of security and stability but an opportunity to invest in your future too.
8. Depending on your mortgage, you can have stable costs year-to-year.
If you have a fixed-rate mortgage, you’ll pay the same monthly amount for principal and interest until the mortgage is paid off (keep in mind that fluctuating property taxes or homeowners insurance can change the payment each month). The benefit here is that you will know what to expect each month; unlike when you rent, which can increase every year.
9. Homeownership gives you tax breaks.
As a homeowner, you can deduct the interest you pay on your mortgage, property taxes, and some of the other costs involved in buying a home (like certain closing costs).
10. Even with the current environment, owning a home is great for your well-being.
Of course, with the challenges of last year and our new normal elevating stress and affecting our well-being, homeownership remains an exciting, new experience. According to recent research appearing in the journal Nature Neuroscience, “new and diverse experiences are linked to enhanced happiness.”
It’s normal to have reservations about buying a home. However, the more informed you are about why buying a home is a good thing, the less intimidating it will seem. Investing in a home is incredibly rewarding, but it’s not without its challenges. To help you dive deeper into all things homeownership, download our helpful guide.
Contact your local HOMESTAR Mortgage Loan Originator today to determine which home loan option is best for you.