Over the years, many occasions involving a homeowner failing to pay mortgage fees, even going into foreclosure, were rising, and giving the option to buying your first home a bad reputation. Nowadays we can see the home market plunge back into the scene and be making that dream of yours of acquiring your house a reality. Reports have recently shown an increase in rent prices and substantial decrease in home costs, all throughout the country. Also stating the fact that this is happening in 98 out of 100 major metropolitan areas (areas including Cleveland, Detroit, Atlanta). Perhaps that dream of owning a home might finally become a reality.
Here are some reasons to take that final step into owning your home
- Increase energy saving: Like any other homeowner out there, yo will eventually want to save in energy output, thus lowering your energy costs and saving you money in the process of doing so. Whether it will be through home insulation, to adopting green energy, such as the addition of solar panels. Going green surely makes for a great investment, in the long run, it will turn out beneficial for your pocket, keep this option in the back of your mind.
- Space customization: Taking the liberty to knock down a wall, extend the living room by a couple of feet, or new additions inside your home, are obviously not possible while renting, as well as ensuring you not losing your security deposit.
- Buy less furniture: Experts claim a homeowner will eventually end up having to buy less furniture for their home. People that rent a place buy more due to the need of custom furniture. Acquiring a home means fewer pieces that will likely stick around in the long run.
- Develop a saving habit: Owning a house forces the individual to continuously put money in the “mortgage piggy bank” and not buy those expensive clothes, fancy meals, etc. Yes, this means depriving yourself of certain luxuries, but in the end, the benefit is solely for you. If you decide to sell you house when your mortgage is paid off, you might be walking away with some of the cash.
- Owning a home allows for a second income stream: Whether it is renting driveway space, or even a spare room, money will flow in, all thanks to your home. Thanks to the new green, energy saving way of living, renting patches of land now becomes a reality. In areas where green space is insufficient, locals rent their spaces for other to grow their veggies.
- No pesky landlords: People are currently renting live under constant threat, eviction notices. Randomly getting one will certainly gloom your day if your landlord decides to sell the space where they are living. Also, the massive waiting times for them to fix anything broken. Small annoyances like those can be avoided if you reside with a fixed mortgage.
- Fixed mortgages: The most important reason to become a homeowner is certainly the option of acquiring a fixed mortgage. It ensures you the price of the payment to not rise, even if everything else elevates their costs. Doing this, and you have secured you and your family from inflation prices.