5 benefits of homeownership
4 February 2022
Home values in the U.S. are reaching record highs, and not without good reason. Homeownership offers many important benefits that Americans continue to take advantage of. Here are several ways that you can gain from owning a home.
- Equity building: Unlike renting a home and paying a landlord, owning a home and building equity is an investment in your own property.
- Fixed payments: Most rent payments inevitably go up, but with a fixed-rate mortgage, the mortgage payments stay the same for the life of the loan.
- Long-term savings: Typically, owning a home is cheaper than renting a similar one after just a few years of ownership, and once the loan is paid off, the mortgage payments disappear.
- Greater freedom: When it comes to personal choices like decoration, renovation, pet ownership and other property uses, homeownership almost always provides more freedom.
- Intangible benefits: It can’t be measured, but the pride, stability and sense of community many feel from owning their homes is a definite benefit.
If you’re considering buying a new home or refinancing a current one, get in touch for a free mortgage consultation.