Compared to other industrialized nations throughout the world, home ownership has always been rooted in our psyche. The American Dream still brings us a picture of a nice family, living comfortably in their own house, surrounded by the fruits of their hard work. From the moment you receive that first pay check, you start thinking about how you’re going to afford your wants and needs. And that includes the dream of having your own home…someday.
In fact, in a 2017 survey conducted by Hearth, a home improvement financing company found out that 70% of Americans still think that home ownership is still important to achieving the American dream. Nearly 100% of homeowners believe that buying a home builds wealth, and 98% believe that a house is a form of wealth which can be passed down to their families.
So why is it important to buy a home? What makes it so different from renting, and makes it so no matter elusive it may seem – it’s important to work towards achieving that dream? Let us examine some of the reasons.
Buying a home prepares you for financial stability.
As the years go by, your mortgage payments build equity. The money you invest in your home increases the value of your home. As opposed to rental rates which tend to rise, depending on the terms of your loan, you usually pay a fixed mortgage rate for the life of the loan. No surprises, no matter what happens in the current housing market.
You gain full control over your surroundings.
As a property owner, all the decisions are yours. The design, color schemes, and everything in your house is based on your preferences. When your preferences change, you are free to renovate and re-imagine the layout to make the space adapt to your needs.
You enjoy a sense of security.
The keys are yours, and no one is allowed to barge into your space without your permission. As long as you fulfill the terms of your mortgage, you have a place to stay, permanently.
Regular home payments improve your credit score.
Lenders will more likely give you their stamp of approval if you have a good history of paying your mortgage on time. This will be especially useful if you are applying for a loan to purchase a new vehicle or to fund a business investment.
Your own house is a great investment.
What made Airbnb so cool? It’s that personalized service from the home owners. If you have an extra room, you can rent out your space for a night or two, earning you good money in return. If you have an empty basement, or have to relocate for a job opportunity, you can also transform your investment into a rental home, providing you with income that will help shoulder your monthly mortgage.
The most important part of your house keys – happiness.
As cliché as it may sound, there is substantial proof that buying a home is a key to happiness. Based on YouGov’s Renters vs Homeowners 2017 report, “75% of homeowners are happier with their standard of living compared to around 53% of happy renters”. The basic human need for shelter is amplified when the space is truly yours. The sense of fulfillment is a milestone indeed, especially if you have found the place that you really love.
Amidst the challenges faced by the U.S. housing industry in the past decades, home ownership is still pursued by many. As a driver of economic prosperity, it will remain a significant aspect of our lives.
Still thinking whether or not to buy a home? Well, you might want to make a decision quickly because the demand is expected to rise and with that the cost of home ownership.
Let me help you live your dream. Finding the perfect home is possible. Whether you’re a first-time or a repeat homebuyer, or you need to refinance, or just have questions, I’d be happy to help. Give me a call or send me an email today. I respond to any and all inquiries, even if you’re not buying or selling a home in Durant, OK.