What Does Home Ownership Mean To You?
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There is a different relationship you have with the home you live in depending on whether you own it or
are renting. For one, it's less personal if you're renting...just call the landlord if something breaks and they will fix it. You don't have to worry about homeowners insurance, or saving up for a new furnace, roof or all the other things that will eventually need attention.
Homeownership is a game changer! Now you are the landlord charged with the responsibility of those repairs and upgrades. You might ask yourself if you really want the added responsibility of owning a home and my short answer is, yes!
The following is my longer answer why you would embrace homeownership.
Build Equity
Owning your own home and making regular amortized payments (not interest only) means you are buiding equity in your home and not the landlords. You also gain equity as property values increase because of economic conditions, increased demand or low housing inventory. Maintaining your home and making desirable improvements along with those monthly payments increase the equity you have in your home.
Your Payments Are Predictable
Renting gives you no guarantee that rent payments will not increase unless you're in a rent controlled building. When rent increases, that increase goes into your landlords pocket, but with homeownership your regular monthly payments don't change with the exception of tax or homeowners insurance changes. Living in a neighborhood with a homeowners association and where special assessments are possible could cause your monthly or yearly fees to increase.
Your Home Is Your Castle...A Place Of Your Own
We were taught and teach our children to work toward things they want and saving up for them...saving allowance, cutting grass, a paper route or chores around the house whether your child is saving for a toy or their first car they are learning responsibility and becoming invested in the care and ownership of their goal. It's the same with home ownership as you are personally and financially invested in homeownership. You are responsible for the maintenance of your home, when something breaks you make repairs. If an upgrade is needed, you take care of it. A home is a huge investment and you want to protect that investment by keeping it in great condition. You could say that your home is a mirror of you and your family and pride of ownership. It's an extension of you! Homeownership gives you a sense of pride in your neighborhood, a sense of belonging. Homeownership changes you from a tenants frame of mind to a real, invested connection to the community.
If you have considered owning your own home and would like to know more or explore your options feel free to contact me anytime and I'll help point you in the right direction towards homeownership.
Adapted from original content at....http://nicktpappas.com/?p=2348
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