So, you’re debating whether you should purchase a home and many questions are running through your mind. “Is this the right decision for me?”, “Can I afford a house?”, “Is it worth it to own?”
Well, we have the answer for you! We don’t know. Deciding to purchase a house depends on a number of personal factors and only you can truly make that decision. However, we can list some of the benefits of homeownership that could help you determine what it really means to own your own home, and then you can decide if it’s right for you!
1. Consistent Payments
When renting, depending on the market rates, your monthly rent payments could increase from year to year. This means owning could possibly be a more cost efficient option and with mortgage loans that offer fixed rates, you don’t have to worry about an annual change in your monthly principal and interest payments.
2. Investments and Equity
A home is an investment. Real estate purchases may have long-term benefits; as you pay down the principal, you build equity in the home.
With ownership, you have a certain level of security that you may not have with renting. When you own your property, you don’t have to worry about someone selling your home and putting you out, leaving you searching for a place to live.
Part of the fun in homeownership is decorating and designing your living space to fit your tastes and needs. When you buy, you have the freedom to decide on home renovations and painting the walls, that you usually wouldn’t have if you were renting.
Owning your home can be a big accomplishment. Many experience a sense of pride after purchasing their first home. It is a huge milestone and something that you should be proud of.