Thinking of buying a home but you’re still on the fence? There are plenty of pros and cons to home ownership but depending on the person, some may outweigh the others. Hopefully some of the following benefits of home ownership will help you decide whether or not it’s the right decision for you.
It’s All Yours
No more calling your landlord to ask if it’s ok to hang up a picture. This place is yours to do what you please with it and to make it your own. With that being said, there is a tremendous sense of pride that comes with home ownership. You will have a deeper connection to your community and your neighbors and the feeling that comes with that is irreplaceable.
Built in Equity
No more squandering your hard earned money. Every mortgage payment that you make is money in your pocket, in the form of equity. This not only increases your net worth, but builds up over time to amount to a pretty hefty nest egg over the years.
When it comes to renting, there are a number of variables that are outside of your control. Your landlord may decide that they no longer want to rent the home for instance. Worse, they may decide that they want to increase the rent on you. With a mortgage payment, the amount that you pay is fixed. And as long as you make your payments, you know that the home is yours for as long as you’d like.
Time Value of Money
It’s been said that the greatest appreciating asset is land. It is true historically, that over time land appreciates. It may happen more rapidly in some places than others, but if you hold on to your property long enough, the home is ever appreciating. Some owners, as much as they love their homes can not pass up the opportunity to move once they find out how much their home has increased in value.
It is true that shortly after purchasing a home, your credit score may suffer. However, in time, as you continue to make your payments in a timely manner, your credit score increases. Home ownership is one of the best tools you have in establishing a great credit history.
Hopefully after considering all of the above points and benefits of home ownership, you now have a better idea as to whether or not buying a property may be the right path for you.
If you are interested in buying or selling a property in the Costa Mesa area, Contact Torelli Realty.