7 Reasons You Should Consider Homeownership

Dated: 06/23/2020

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Buying a home is the largest investment most people ever make. It's also one of the best.

The satisfaction of a freshly cut lawm, enjoying the aroma of a home cooked meal, being greeted by your children's hugs and laughter after a long workday, the sense of accomplishment opening the door of your first home and stepping into all the possibilities. This is your home. This is what homeownership is all about.

Although buying a home might seem like a financial challenge, it can be one of the best ways to accumulate wealth over time. In addition to possible tax advantages, homes build equity.

Here are some other reasons it makes sense to become a homeowner:

  1. Real Estate Appreciates - while there are no absolute guarantees in real estate, homes typically increase in value over time, which generally makes homeownership a sound investment.
  2. You'll be forced to save money - because a mortgage requires monthly payments, homeowners are foced to "save" money each month. With every payment, you are putting some money away by paying down the mortgage.
  3. You build equity - making monthly mortgage payments also builds home equity. As you pay down your loan, your debt decreases, which increases the portion of the home that you own free and clear--that is your equity. When you sell your home, your equity effectively becomes cash (minus real estate agent fees and taxes).
  4. You can avoid housing payments in retirement - housing is the largest expense for households headed by someone age 55 or older. However, as a homeowner, you can avoid most of those housing expenses in retirement if you pay off your mortgage.
  5. You won't have to worry about being evicted - when you own a home, no one can force you to leave as long as you keep up the mortgage payments. That's not the case when you're a renter. The landloard could evict you if you violate terms of the lease. A landlord could also opt not to renew a lease.
  6. You'll have more freedom - when you own a home, you gain more freedom. You can own pets, choose your own colors when painting rooms and replace the carpet or lighting fixtures whenever you feel like it.
  7. You can remodel - if you're a homeowners, you can remodel if the need or desire arises.

Often call the cornerstone of the American Dream, home ownership has always been an important milestone of adulthood. When you are ready to ditch the rent and become a homeowner, call on the experts at Maurer to assist you.

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