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Benefits of Owning Your Home

You’re likely aware, but home prices are booming, and homeownership is still a goal for many that is becoming more unreachable as time goes by. In these scenarios, it’s understandable why many potential buyers would postpone their buying decision for yet another year, but why delay owning your home?

That rain check mentality often causes people to close themselves off to several benefits that come with owning a home. As a result, they may fall into the rent trap, thinking it was their best choice. When, in reality, they may be giving up a massive opportunity to secure their future, wealth, and retirement. All in the name of a false sense of security. If you’re looking for reasons to buy a home instead of renting a home, here are five of them.

Stable Payments

Every year, you should expect to pay anywhere between 2 to 5 percent more on your rent – at least if you’re in the US. The reason for rising prices upon lease renewal can range from annual inflation rates to real estate market changes. 

Whatever the reason for the increase, you have no control over it. But you do have control over your mortgage payments. When it comes to mortgage loans, a fixed-rate mortgage is the ideal option if you’d like your payments to remain the same each month – until you pay off your mortgage. This way, you can avoid exorbitant increases and unwelcome surprises.

Peace of Mind

A lot of the time, peace of mind can be a distant dream for tenants. They may deal with daily issues, such as loud neighbors in common areas or events that don’t respect quiet hours. Or, they may be dealing with complications that require immediate repair. 

Although the same could happen to homeowners, tenants will usually have to take their complaints to the landlord every time something bothers them. The trouble is, not all landlords will solve these issues right away, and tenants may find themselves stressing over having to gather proof of their problem. Sadly, this could take more than just a few days. In contrast, homeowners are free to address those issues without having to report to anyone.

Independence

When you rent, your landlord must carry out repairs. They’re responsible for maintaining the property. Depending on your contract terms, you must inform them of your absences from the property – when you go on vacation, for instance. Feel like planning a get-together? You must notify them first. 

If you value your independence, renting won’t take you far. It will also likely stress you out in the long term. On the flip side, owning a home means you’ll be 100% responsible for every aspect of it, whether it involves guests or not. It’s yours. You can do whatever you want, as long as you don’t disturb anyone.

Personalization

For most people, owning a home boils down to one thing: having a place exactly the way you’ve dreamed it would be. You know that feeling you get when looking at home décor websites and marveling at a million possibilities? That’s not possible when you’re renting and here’s why. 

You must get permission from your landlord or real estate agent before you can make any substantial changes to the rental property. Yes, even if these changes would be beneficial and add value to the home. Therefore, if you dream of customizing your place down to the last detail, and having creative control, owning a home is the right choice for you.

Sense of Accomplishment

For most people, owning a home is the epitome of freedom and self-reliance. It’s the reason why they’ve been working hard all of these years: to start the best years of their lives in a home they can proudly call theirs. In the end, it all comes down to the increasingly difficult to achieve – yet still highly valued – American Dream.

Is the thought of buying a home in this stressful market the only thing holding you back? All it takes is an experienced realtor to assist you along the way. Contact me today or give me a call at 757-880-2945 and let me help you navigate this market with confidence!

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