Benefits of Buying a House
March 11, 2021
Benefits of Buying a House
The prospect of buying a house can be scary. People often get caught up worrying about potential negatives and abandon the idea before fully thinking it through. We get it; there are a lot of moving pieces and possible causes for concerns. However, there are a lot of positives to owning a home. We wanted to shed some light on some of the benefits that potential new homeowners sometimes overlook:
It’s a long-term investment.
It’s probably one of the better long-term investments you can make in your lifetime. Houses don’t often depreciate the way the latest sports car might. Home improvements over time will also add to your home’s value or equity.
Equity is value or worth, so saying that making home improvements will add to your equity means that your home’s total value goes up when you improve your home. That’s good news for a few reasons, but mainly because having a higher value home increases your ability to sell it later on and the ability to do a high-paying cash-out refinance in case of emergency.
There’s no longer a landlord looking over your shoulder, rejecting your requests to paint the walls pink or put holes in the walls. As the owner of a home, you can make every single decision on the look and feel of your space. You’re free to make the layout more “open-concept” or even paint the whole exterior a violent shade of yellow. Granted, you should check your HOA policy, if you have one.
Unlike when you’re renting, your mortgage price won’t go up. We all remember the sting from when we learned that rent goes up yearly in most places. Owning a home means saying goodbye to that uncertainty. As long as you’ve secured a fixed interest rate on your mortgage loan, you know exactly what you owe every month for the next 15-30 years. Daunting? A little. Dependable? Extremely.
Speaking of dependability and stability, owning a home is a big sign of settling down. Most people recommend living in a home you buy for at least five years; therefore, you know exactly where you’ll be for the next five years. You won’t have to worry about moving (and we know what a hassle that is) or finding a new place to live for quite a while. Doesn’t that just give you the biggest sigh of relief?
Sense of Community
It might seem like the neighborly chats across hedges only happen in movies, but there’s some real truth to that. Homeowners are more likely to both know the names of and like their neighbors. Additionally, when you own something, you tend to take more pride in it. This lends itself to spending more time outdoors doing upkeep, heightening the chances you’ll run into your neighbors, and then bam! You’ve got a Thursday night card game with the ladies on your block. Homeownership leads to a greater sense of community, leading to real, genuine friendships with people you share a common thread with. If that’s not a pro to owning a home, we don’t know what is.
If you’re looking for our checklist to help you figure out if now is the right time for you to buy, check out our page here!