Owning a home has many benefits, from building equity to having the peace of mind of knowing that where you live is yours and yours alone. The Lee County Association of Realtors has compiled a list of benefits of owning a home. Then, when you decide that you want to buy, we’ll also assist you in finding your new place!
The benefits of buying a home
For many, buying a home stands out as the ultimate dream. If you’re considering that option, here are some of the pros!
Buying a home is an investment—with the idea that hopefully your house will appreciate in value over time. This leaves you with added value if or when you decide to sell. In other words, buying a home gives you a way to get a return on your investment.
When paying a mortgage, think about it as contributing back to your own investment, as opposed to paying rent, which is not an investment in anything you own.
Opportunity to tap into your investment
As an investment, owning a home gives you ways to tap into your equity should you need it. This could be in the form of a home equity loan, refinance, home equity line of credit or reverse mortgage.
Improving your credit score
Staying in line with the financial benefits of buying a home, doing so can help improve your credit score. This is especially important if you don’t already have much of an existing credit history. A well-managed mortgage can drive up your credit score by showing that you’re a responsible borrower.
Control over customization
Among the benefits of owning a home is the opportunity to make home repairs, upgrades and customization at your discretion without interference from a rental company.
Want to hang up a painting using nails? Thinking of repainting? Or do you want to redo the kitchen? When you own a home, the sky’s the limit as to how you customize it!
Lower costs over time
If you live in a rental, your rent may increase over time at the discretion of the leasing company. However, when you buy a home and put down a fair down payment, you may actually be paying less over time to live there than you would with a rental—especially if you have a fixed-rate mortgage.
Peace of mind
Owning a home is a gratifying experience that provides you peace of mind each and every day. Your home is yours—and no one else’s!
When it comes to home ownership, the Lee County Association of Realtors is here to assist you every step of the way. We are a team of experienced Realtors ready to help! So, contact us here to get started! Finally, for more tips and guidance, check out our blog.