5 Great Reasons To Have A Home Of Your Own
The idea of purchasing your first home can be a daunting prospect to many buyers. It means you'll have to take out a loan for at least a hundred thousand dollars - which also means that, thanks to interest, you will have spent far more than that by the time you're done paying off your loan.
Why do it, then? Why sign up for such a massive financial commitment? We do it because the rewards of homeownership greatly outweigh any potential cons. Devine & Associates Real Estate is here to help you understand why buying a house at the Lake of the Ozarks might just be one of the decisions you ever make.
Reason #1: You Are Your Own Landlord
While some landlords are cooperative, many renters have to deal with difficult landlords who never respond to their concerns or maintenance requests in a timely manner. "Professional landlords" rent their properties out as a way of making money, and some of them focus more on their profits than their renters' satisfaction. As a homeowner, you never have to wait for someone else's approval to make any necessary repairs - or to completely repaint/redecorate your space!
Reason #2: Your Build Equity
When you write a check for rent, you send that money off to your landlord fully aware that you will never get a penny of it back. When you write a check for your mortgage, on the other hand, a portion of that check goes towards paying off the principle amount of the loan. The longer you have your home, the more principle you will pay back each month. Every dollar put towards principle goes towards "equity," which is the amount of the home you actually own. Equity is a valuable financial asset only available to homeowners.
Reason #3: Eventually, You Won't Have A Housing Payment
If you get a 30-year mortgage on your very first house, it can feel like you're going to be paying off that loan forever. However, if you stay in that same house for many many years, eventually you will pay off your housing loan in its entirety and you will no longer have a housing payment. Lifetime renters will have to pay their monthly rent check as long as they live, but homeowners only have to pay their mortgage for a finite amount of time.
Reason #4: You Decide How You Want To Live Your Life
As a renter, you are subject to any limitations your landlord wants to place on you. You may not be allowed to have pets, not be allowed to smoke indoors, or not be allowed to have guests stay with you for an extended amount of time. As a homeowner, you can decide how you want to use your space. If you want to have three dogs and three cats, no one can stop you!
Reason #5: You Can Enjoy A Unique Sense Of Security
Renting is not expected to be a permanent situation. While there are a few people who rent for life and never buy a house, most people only plan to rent until they are financially capable of buying a house of their own. Because of this assumed temporariness, many people cannot feel truly stable in their rented home. Homeowners, on the other hand, can relax into the security of having their own space. Especially if you have kids, this added sense of stability and security can be a huge benefit.
Devine & Associates Real Estate Would Love To Help You Buy A Home!
Our real estate team in Laurie, MO would be thrilled to help you buy your first home at the Lake of the Ozarks. We specialize in first-time buyers and we understand the unique challenges and concerns many people in your situation face. If you are thinking about buying your first home, we hope you'll give us a call!
Why do it, then? Why sign up for such a massive financial commitment? We do it because the rewards of homeownership greatly outweigh any potential cons. Devine & Associates Real Estate is here to help you understand why buying a house at the Lake of the Ozarks might just be one of the decisions you ever make.
Reason #1: You Are Your Own Landlord
While some landlords are cooperative, many renters have to deal with difficult landlords who never respond to their concerns or maintenance requests in a timely manner. "Professional landlords" rent their properties out as a way of making money, and some of them focus more on their profits than their renters' satisfaction. As a homeowner, you never have to wait for someone else's approval to make any necessary repairs - or to completely repaint/redecorate your space!
Reason #2: Your Build Equity
When you write a check for rent, you send that money off to your landlord fully aware that you will never get a penny of it back. When you write a check for your mortgage, on the other hand, a portion of that check goes towards paying off the principle amount of the loan. The longer you have your home, the more principle you will pay back each month. Every dollar put towards principle goes towards "equity," which is the amount of the home you actually own. Equity is a valuable financial asset only available to homeowners.
If you get a 30-year mortgage on your very first house, it can feel like you're going to be paying off that loan forever. However, if you stay in that same house for many many years, eventually you will pay off your housing loan in its entirety and you will no longer have a housing payment. Lifetime renters will have to pay their monthly rent check as long as they live, but homeowners only have to pay their mortgage for a finite amount of time.
Reason #4: You Decide How You Want To Live Your Life
As a renter, you are subject to any limitations your landlord wants to place on you. You may not be allowed to have pets, not be allowed to smoke indoors, or not be allowed to have guests stay with you for an extended amount of time. As a homeowner, you can decide how you want to use your space. If you want to have three dogs and three cats, no one can stop you!
Reason #5: You Can Enjoy A Unique Sense Of Security
Renting is not expected to be a permanent situation. While there are a few people who rent for life and never buy a house, most people only plan to rent until they are financially capable of buying a house of their own. Because of this assumed temporariness, many people cannot feel truly stable in their rented home. Homeowners, on the other hand, can relax into the security of having their own space. Especially if you have kids, this added sense of stability and security can be a huge benefit.
Devine & Associates Real Estate Would Love To Help You Buy A Home!
Our real estate team in Laurie, MO would be thrilled to help you buy your first home at the Lake of the Ozarks. We specialize in first-time buyers and we understand the unique challenges and concerns many people in your situation face. If you are thinking about buying your first home, we hope you'll give us a call!
Devine & Associates Real Estate
(573) 392-9900
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