- Equity-You stop lining the landlord's pocket and start building equity. Home ownership is about building long-term wealth and homes have historically appreciated by 4-6% per year. Example, a home bought for $10,000 in 1960 is most likely worth 10 times that in today's market.
- Relationships-Neighbors stay put much longer (at least 3-5 years if they hope to recoup their closing costs) giving more time to develop relationships. And research has shown that healthy relationships have more happiness and less stress.
- Predictability-at least if you have a fixed rate term on your mortgage. Your payment is fixed for the life of the loan. Even expenditures for most big items are predictable such as roofs...after all you know they last 10-15 years, every year you may have to pay for gutters to be cleaned, and so on....
- Ownership-you "own" your own home and that spells perks you can't very often get with renting. You can renovate, update, paint, & decorate in ways you could never do if you were renting...thereby personalize it.
- And finally...GREAT DEALS! Interest rates are historically low and with the dip in prices since the recession....well, what are you waiting for?
Monday, November 28, 2011
Don't let negative press deter you from homeownership...
If you are on the fence about owning a home, think about 5 great things Homeownership has and always will offer:
