There’s no denying that the path to homeownership takes work. There’s the saving for a down payment, maybe fixing less-than-stellar credit and figuring out how to balance bills and existing debt (hello, student loans) with a mortgage payment. Like most, the feeling of accomplishment you had on the day your agent handed you the keys to your new home made all the hard work of saving and sacrificing pay off.
If you’re wondering if homeownership is for you – you’re in luck. June is National Homeownership Month (yes, it’s a thing!), and the perfect time to explore your options while taking the time to discover the perks and realities of owning the keys to your own castle.
- Increase your net worth. One big reason why you should be happy with your decision to buy a home – equity buildup. Simply put, owning a home can be a good investment. Building equity when the value of your home appreciates is among the longer-term financial benefits of homeownership. Americans had a record-high $14.4 trillion of equity in their homes in the fourth quarter of 2017.
- Cash in on equity. Tax time gives homeowners a little to look forward to every year. The mortgage interest and real estate property tax deductions can be a financial benefit to homeowners. As the value of your home increases, the more equity you accrue. Consider taking another look at the interest rate on your mortgage. Your home’s equity may allow you to refinance at a lower interest rate, clear any unwanted debt, or expand or update your home.
- Build safe communities. Play an active part in your community and show some neighborhood pride. Reach out to your neighbors to organize a summer block party that invites the entire neighborhood to the fun. It’s a great way to get to know one another and make friends – plus, neighbors can look out for each other, which can deter crime.
- Take control. Feeling like you need a change? If you rent, you’re limited to modifying your place to make it your own. When you own, your home is an empty canvas. Make home improvements, add on an addition, and build an outside patio – it’s up to you!
The bottom line? When you’re ready, there are many great benefits to homeownership, but it’s not a decision to be made lightly. A RE/MAX Masterpiece Realty agent can use his or her knowledge of the market and your personal situation to help you decide your next move.