If you’re on the fence about buying a home, you’ve likely done a lot of research on interest rates and home prices, and have heard about lack of inventory locally and across the U.S. What you’re hearing may be enough to make you want to put your dream of homeownership on hold.
Not so fast!
Think about all the reasons that homeownership may be right for you, including the fact that if you wait even a year, it’s predicted that you’ll face higher home prices and interest rates, and ultimately a higher monthly mortgage payment. Here are a few of the top reasons people buy homes.
Pride of ownership. You can paint the walls any color you desire, attach permanent fixtures, and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability. It’s an investment in your future. And a lot of people would say that the independence and sense of accomplishment that owning a home brings is an essential part of their way of life.
Build equity. Real estate moves in cycles, but over the years, real estate has consistently appreciated. As property value increases, you build equity in your home and your home becomes worth more than you owe. If you are renting a home, your landlord builds this equity every time you pay rent, and you get nothing in return.
Have more space. A lot of renters find they are short on space. They have few closets, no yard to call their own, and no attic, garage or basement. Many renters even pay an additional fee for a storage space on or off the property. Homeowners are often glad to have extra storage space, a place for their cars, and a yard to host barbecues, play with their kids or to run around with a new dog!
Make room for Fido. A recent survey by SunTrust Mortgage found that a third of millennials who had already purchased their first home said they were influenced by the need to have space for a dog. Not only do you get more space for your pet with a yard to play in and room to roam about, you can eliminate the pet deposit and monthly fee that a landlord tacks on to your rent payment.
Upgrade to your heart’s content. A lot of renters are not rewarded for upgrading their homes. The landlord may benefit from a fresh coat of paint, new flooring and overall upgrades that make the space a home, but there is no reward for the renter who sinks money into projects that benefit someone else’s pocketbook.
Keep your distance. Even if your new home has a small yard, if you buy a single-family home, you don’t have to deal with heavy-footed clomping walker above you, or the loud talkers below you.
There’s no single reason that makes homeownership the right option. But when you consider all the reasons that are important to you, you really have a reason to buy a home. What makes you want to be a homeowner? Call us today to get on the road to making your dream a reality!