Benefits of Owning Your Own Home

Benefits of Owning Your Own Home

Are you thinking about making a change from being a servant to a landlord to becoming a home owner and the king of your own castle? There are a lot of benefits to owning your own home. National trends indicate that rents will likely continue to rise in the years to come. If you’re wondering what the benefits of owning your own home are, here is some information for you.

Independence and Freedom:

You can make changes to your home and you have more privacy and freedom than renting. You can plant the garden you’ve always wanted—whether it’s for food or for flowers—or both. Pets are always welcome if you want them and there’s no need for an additional security deposit to have them! Do you want an exercise room? Go ahead and set it up. Do you want to turn up your stereo? You can do that.

Owning a home can give a person more confidence. It’s your home and you can paint the walls whatever color you want. You can decorate it how you’d like. You can have friends over to watch a movie and turn the sound up without having to worry about the annoying neighbor in the apartment next door.

Investment:

A home is like a forced savings account. Houses typically go up in value over time. Each month when you make your house payment, you are increasing your equity (and your savings). If you ever need money, you could potentially borrow money against your asset—which is your home. The investment in your home provides flexibility for your future, whatever changes may come.

Memories:

A home is a place for making memories. It may start as a house but as you spend holidays or have barbecues or Super Bowl parties with family and friends—it becomes a home. It’s a place to have and raise a family if you choose. Whatever you enjoy—you can do it in your home. It’s a place where you can be yourself and spend time with people you care about.

Why Make the Move Now?

It’s often a question of what are you waiting for? Living now versus keeping your life on hold. Buying a home is also an investment and getting started sooner makes sense. There are many first-time home buyer programs that can provide an assortment of options and assistance to purchase your first home. Meanwhile, rents are projected to keep increasing.

If you qualify, there are rural development programs that may cover your down payment. Lower down payments are also available for conventional mortgages with Fannie Mae and Freddie Mac—as little as 3% down may be possible.  If you are looking at FHA mortgage options, FHA mortgage insurance premiums are lower than in past years.

It’s always a great time to make the move. Give me a call at (605) 593-3759 and I will gladly assist you.