If you are needing reasons to own a home instead of renting we have the advantages all mapped out for you!
1) Building Equity:
One of the benefits of homeownership is building equity, which is your share of the value of your home. It's the difference between the market value of your home and the amount you still owe.
However, if your home appreciates in value, your equity increases even though the amount you owe does not. Which leads us to our next reason.
2) Your House could Appreciate value over time:
Looking for homes in areas that are up and coming, with new retail stores, and new construction are signs that your house could be worth more than the buying price down the road.
3) Stronger Social life:
If you are wishing your kids had more neighbors to play with, or if you are needing to borrow some sugar, moving into a neighborhood will increase your chances to get to know your neighbors.
Homeowners tend to live in their homes longer than renters, there are more chances to socialize rather than just saying "hi" in passing.
4) Privacy:
You will have more opportunities to blast music, the Tv and host parties with owning a home. You no longer would have to share a wall with your neighbor.
Not to also mention the constant monthly maintenance stop bys to change your air filter, or any other routine maintenance that interrupts your day and your pets.
5) Your monthly payments won't increase without your say-so:
If you're a renter in an up-and-coming neighborhood, then you better brace yourself for the rent hikes that come with increased demand for housing.
When you purchase your own home, your monthly mortgage won't deviate too far from your first mortgage payment, although the percentage that goes towards interest and the principal will change over time. With a fixed-rate mortgage, the interest rate is fixed from the time you sign the loan. If you opt for an adjustable rate mortgage, the interest rate may start out lower than a fixed-rate mortgage, but it will change depending on a specific index (which is determined by the lender). Other factors that may increase your monthly mortgage payment are local property taxes (which you have little control over) and home insurance premiums.
