Benefits of Home Ownership in Any Market Condition

There's more to consider than just mortgage interest rates when you decide to purchase a home. What else? Well, consider the non-financial reasons it may make sense to make a move. When you add the financial and non-financial reasons together, you just can't beat being a homeowner!

Homeowners Can Make Their Home Truly Their Own

Owning your home allows you to have a space you can customize to your heart’s desire. That can bring you added happiness. Making updates or remodeling a home can help you feel more at ease as well as more comfortable in your living space.  Whether it's something smaller like painting a room, something that takes a bit more effort and cost like refinishing flooring, or something big like converting an attic or basement to living space, these are "feel good" projects.

And as a homeowner, unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.  But if you rent, you likely will not have much freedom to do anything other than paint.  Even then, you may be required to revert back to the original paint color at the end of your lease.

A Sense of Achievement

Taking care of a home is a large responsibility, but it’s one you can take pride in and feel a sense of achievement and accomplishment. While you'll need to maintain the home and pay property taxes and other costs you won't encounter as a renter, as a property owner you are taking care of your own investment, not just adding to your landlord's investment income. Homeownership is one of the best investment strategies around!

Homeownership Can Help Forge a Connection

Living in a community and putting down roots can help create a sense of connection to your community and to those who live in your neighborhood and surrounding areas.

Stop Rent Worries

We all have heard about high rent increases - and rents don't go down, only up! Why not lock into a specific payment each month with a mortgage.  You'll find it not only easier to budget but also less stressful than wondering how much your landlord is going to raise your rent, or if your landlord is going to decide to sell your property.  Put your money into your own property, and enjoy living in your own space!

You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. Your wallet is likely stretched thinner. Are you uncertain about the economy and wondering if you should by a home now?  The latest economis data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added to concerns about a recession. 

Homeownership Is Historically a Great Hedge Against Inflation

In an inflationary economy, prices rise across the board.  Homeownership has historically, consistently shown to be a great hedge against those rising costs because you can lock in your fixed rate mortgage payment for the duration of your loan. That helps stabilize some of your monthly expenses. While property taxes will undoubtedly rise (do taxes ever go down?) and some other monthly expenses like good and transportation may creep up, your monthly housing payment basically remains the same. This is especially important because with rents as high as they are now, you're protecting yourself against rent hikes by owning your own home.  Rents have risen by 7.2%, the highest pace in 40 years.  Yes, 40 years!  And a recent survey by realtor.com showed that 72% of landlords plan to raise the rent on their properties in the coming year.

The Bottom Line

Buy that house! We can help you find your dream home, so connect with a member of The Carroll Group today and let's get you moving.