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Whether you’re buying your first home after moving out of your parents’ home or have been a renter for quite some time, moving into ‘homeownership’ status comes with several perks.
Here are some of the top reasons to own a home today.
Having a place that is solely your own is one of the biggest advantages that come with homeownership. Your home is your own to do with as you please.
When you rent, you must first get the permission of your landlord before you can make certain changes with your home or use it in a certain way. Instead, as an owner, you are the one in charge. That means you can decorate and make changes to your own according to your needs without having to ask anyone’s permission to do so.
Of course, if you live in an HOA, you may need the permission from the condo corporation before certain changes can be made. But your power is much more vast compared to what it may be as a renter.
Owning real estate provides you with the opportunity to grow your assets and wealth. Real estate ownership can be a great way to build wealth over time, as it typically increases in value as time goes on.
Not only does each monthly mortgage payment help you pay down what you owe and add to your home equity, but the home’s appreciation can also help you build equity over time.
And if you ever choose to sell in the future, you can realize significant profits. Whether you hold onto the home for the long haul or let it go at some point, it can be a great financial investment for you.
Having control of your future direction and security means you won’t be at the mercy of your landlord in terms of how long you can stay in the home. Landlords can always ask you to vacate the premises, as long as they follow the protocols within your jurisdiction in terms of providing you with adequate notice of vacating the property or having a good reason for asking you to leave.
While many landlords allow their tenants to stay as long as they want, there is still no guarantee that at some point, you may have to find another place to live.
This is not the case with homeownership. You move out whenever you choose to. This can provide you with a lot of security and peace of mind knowing that you don’t have to answer to anyone and can safely call the place home for as long as you please.
Having amenities and features that enhance your daily experiences is another great reason to own a home. You can upgrade and renovate your home to fit your lifestyle and that of your family. You can also decorate to suit your tastes to create a space that you enjoy being in.
Owning a home provides you with the freedom to do this, which is something you wouldn’t be able to do as a tenant.
If you’re ready to buy a home of your own, let’s connect to make your dream home a reality.
Sammamish Mortgage is a local lending firm serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We have been offering a wide variety of mortgage programs and products with flexible qualification criteria since 1992, and we’d love to help you too. Please contact us if you have any questions or are ready to apply for a home loan.
Looking to buy a home in Bellevue, WA? If so, have you considered exactly where in the city to buy? Read on to discover some of the best neighborhoods in Bellevue to live in.
Are you looking to move up? What if you have limited equity to work with? Read on to find out if moving up in this case is possible.