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A lot of people have been asking me lately about the benefits of homeownership. If you’re currently paying rent and have been for a while now, you should at least know about the specific benefits that home buying offers. Here are seven of them:
1. You’re paying your own mortgage—not somebody else’s. When you pay rent, your landlord is lining their pockets and paying off their mortgage. When you own a home, you’re paying your own mortgage and benefitting from any equity it receives.
2. It’s not as expensive as you think. In most states, it’s actually less expensive for you to buy a home than it is to rent one.
3. There are down payment options for all. You don’t need 20% for a down payment. Hardly anybody puts that much down these days. There are plenty of different down payment options available, including 0% down on USDA and VA loans, and 3.5% down on conventional loans.
4. Interest rates are still low. Right now, interest rates are still at or near historic low levels. 3.75% for a 30-year fixed mortgage is an incredibly low rate.
5. You can do whatever you want. In terms of making additions or improvements to the home, you have the freedom to make the home your own. This includes having pets, repainting walls, and making home improvements. This new found freedom will be great in comparison to the landlord wanting to keep your security deposit or the hostile environment of living in your parents’ basement.
6. There are different loan programs for everyone. Many new homebuyers are concerned about their student loan debt affecting their ability to qualify for a mortgage, but some rules have recently changed to make it easier for those with student debt to qualify for a loan.
7. Everybody is doing it. There are more new homebuyers than new renters, as signaled by the huge jump in homeownership we’ve seen over the last year after we saw record lows.
If you have any questions or need any help buying, selling, or investing in real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.