Owning a home is a large part of the American dream. According to a 2019 survey conducted by the National Association of REALTORS®, “Approximately 75% of non-homeowners believe homeownership is part of their American dream, while 9 in 10 current homeowners said the same.”
We are happy to see so many Americans have that opinion, because there are many incredible financial and lifestyle benefits of home ownership. Keep reading to see which are our favorites.
If you’ve been researching homes lately, you may have found yourself reading a lot about home values. While it’s not uncommon for homes to appreciate – in fact, they usually do – they’ve been gaining value incredibly fast as of late.
So, what does home appreciation mean for homeowners? It means that when you decide to sell, there’s a good chance you will be able to sell your home for more than you bought it for.
Nowadays, it’s almost imperative to have a good credit score. Luckily for homeowners, paying your monthly mortgage on time is a great way to improve your score since both payment history and age of credit play a role in your credit score.
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To put it simply, equity is the amount of money you could sell your home for minus what you still owe on it. Part of your mortgage payments goes to the principal balance of your loan. This means that with each monthly payment, your equity increases, helping you to build wealth.
It’s no secret that rent is always increasing. With a fixed-rate mortgage, you know what your monthly payments are going to be for the next 30 years, which allows you to better budget your money. Plus, owning a home long-term is almost always cheaper than renting.
Another one of our favorite benefits of home ownership is that it gives you the ability to customize your home to fit your needs as they change. With the ability to alter rooms permanently, you can change a 3-bedroom home into a 4-bedroom or even add amenities like a home office or workout room.
For some, it’s the little things that make home ownership wonderful. Wake up on a Saturday morning and feel like painting the living room bright yellow? Go ahead – you don’t have to ask anyone for permission.
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Put Down Roots
Most buyers stay in their home for an average of 8-10 years. Putting down roots in one area allows you to get involved with your community and neighborhood, and form lasting friendships with neighbors.
For those that choose to buy single-family homes, one of the biggest benefits is no shared walls. While owning a home might mean you hear more noises like lawn mowers coming from outdoors, you won’t have to worry about hearing every time your neighbor sneezes and vice versa.
Ready to reap the benefits of home ownership? Our online application takes anywhere from 5-20 minutes to complete. Once it’s submitted, we can have you pre-approved for a loan in just a few hours.