Along with the priceless sentimental value of owning a home, there are substantial financial benefits. Home equity is the most significant factor in increasing your net worth and establishing a credit portfolio. Buying a home is an investment that raises your overall quality of life. Below are Top 2 reasons why you may want to stop renting and join the 68% of the population that enjoy the benefits of homeownership.
The Top 2 Benefits of Owning A Home
Financial security is an aspiration for most people. Owning a home can help with that, and here’s how:
- Home Equity
Home equity is the difference between the appraised value and the current balance owed on the mortgage. For example, if your home appraised at $500,000 and the amount left on your mortgage is $300,000, you have $200,000 of equity. Home equity is a profoundly useful tool in financial leveraging. Some things home equity can be used for are:
- Debt Consolidation to get rid of high-interest credit cards.
- Home improvements to increase the value of your home.
- College costs to provide your household with the best possible education.
- Emergency expenses that are extensive and unplanned.
- Retirement supplement to secure your future retirement goals.
- Long-term investments that you can capitalize on to increase your wealth.
These are just a few ways to utilize the equity in your home. You can increase your home equity by increasing your monthly payment on your mortgage or through a large down payment. Payments that would be going to your landlord are now putting that money to work for you by investing those payments into your home.
Home equity can also increase with a rising real estate market. If your neighborhood’s economics are improving and communities are doing well around you, your property value will increase, raising your home equity. Home equity is the one of the best reasons to stop renting and start investing in yourself and your future.
2. Right To Enjoyment
Every citizen is entitled to the right of enjoyment of their property. Simply put, you can enjoy your home and participate in pleasurable activities there without interference. This right to enjoyment and control over your property is the another beneficial reason for owning a home.
In owning your home, you can remodel however you like. Sustainable energy can be installed to save you hundreds of dollars. You control both the look and efficiency of your home, which makes a budget easier to incorporate. The added benefit is that you are investing in yourself and demonstrating financial independence to secure your future.
Not only are you able to improve the aesthetics of your home inside and out, but you are also able to grow your family with pets. The bottom line, you make the rules for your home. There is another saying that was not included above; you are King or Queen in your castle. The pride in accomplishment that comes with that title is immeasurable.
Happiness Is Homemade
The many benefits that come from homeownership are attainable. All you need to start you on the path is a conversation with an excellent mortgage company that understands your vision and needs for the perfect home recipe. Contact CSMC Mortgage today and see how we can help you.
