Reasons You Should Buy a Home
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. Your real estate team at Devine & Associates is here to help you understand why buying a home in Mid-Missouri might just be one of the decisions you ever make.
Build EquityWhen 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. However, when you write a check for your mortgage, a portion of that check goes towards paying off the principal amount of the home loan. The longer you have your home, the more principle you will pay back each month. Every dollar put towards principal goes towards "equity," which is the amount of the home you actually own. Equity is a valuable financial asset only available to homeowners. It gives you more financial freedom because you can actually borrow against that equity amount for new financial ventures.
Be Your Own LandlordWhile 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. 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! As a first-time homebuyer, you can decorate your new place exactly how you want it, with none of the stipulations that come with renting a property.
Rely on Predictable PaymentsWhen buying a home, you know how much your monthly mortgage payment is upfront and for how many years it stays at the amount. With renting, you never know when the landlord will raise the monthly rent. You can budget more effectively with a set mortgage payment each month!
Pay Your Own MortgageWhether you own or rent, you are essentially making a mortgage payment either way. You may as well be investing your hard-earned money into your own property. This, in turn, helps to build equity in your home, which is another one of the perks of homeownership!
Enjoy A Unique Sense of SecurityRenting 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. Tests have shown that children whose parents own a home, tend to do better in school. A safe and stable home environment can help adults and kids be at ease about their living situation. Owning allows you to create that stable place for your entire family.
Devine & Associates Would Love To Help You Buy A Home!Our real estate team in Eldon, MO would be thrilled to help you buy your first home. 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!
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