Owning a home is part of the American dream, and with more and more new homeowners entering the market, owning a home has become an increasing reality for many Americans. While the housing market continues to roll along at a historic pace, more prospective buyers are weighing the pros and cons of purchasing a home before committing to the process in earnest.
For virtually any prospective homeowner and nearly all current homeowners, buying a home becomes a no-brainer. Even still, we put together a list of top reasons to own a home.
Accomplishment
For plenty of Americans, owning a home is a goal they realize fairly early in their adulthood. No matter what you’ve prioritized as part of your long-term personal and family goals, once you’ve arrived at the point of homeownership, you can feel unequivocally that you’ve finally accomplished a longstanding goal.
Homeownership gives buyers a sense of accomplishment that few other personal finance or family decisions do. You can finally have a place of your own to call yours while giving yourself and your family a place to learn, grow, and create. As a new homeowner, the world will be at your fingertips and you can finally make your house a home!
Payment Stability
Renting or leasing a place to live can seem like a great option and it often is for those who aren’t quite ready to buy. One thing that can be frustrating as a renter is the constant fluctuation in rental prices from property to property. Landlords aren’t necessarily trying to gouge their renters, but many of them are in the rental business for profits which means that you’re not only paying their mortgage but you’re also paying their profits.
Additionally, landlords and property owners need to adjust their rental rates based on the demands of the market and external price pressures. This means that your rental rate will likely increase over time and, depending on your rental agreement, could increase without notice. Owning a home will give you payment stability in the form of a mortgage.
Privacy
Depending on where you’ve lived in the past, privacy may be a huge issue. If you’ve lived in large apartment complexes, then you know that security and privacy often come at a premium and are highly dependent on the types of people who live in the area. Big property management companies can’t always guarantee privacy or security, but by owning a home, you’ll get the benefit of both!
Even if you’ve rented a home in the past, you’re likely renting someone else’s home. Whether it’s an investment property for them or they are making ends meet while offering their property for lease, the fact that your landlord has full control of your property can strip away much of the privacy of your dwelling. By owning your home, you no longer have to worry about someone else hanging over your head and you can take your family’s privacy into your own hands.
Comfort
Along those lines, owning a home gives you a certain sense of comfort and security about the decision you’ve made. Not only can you be physically comfortable in a home you own, but you can be psychologically comfortable and secure as well.
You can also be comfortable in knowing that you have made an investment that will appreciate in value, increase your personal wealth, and has tangible value to a marketplace in perpetuity. This peace of mind is probably one of the best reasons to buy a home! If now is the time, reach out to the experts at Tidewater Mortgage Services, Inc. to get pre-qualified today!
