We’re excited to celebrate homeownership throughout the month of October! We’re kicking off with a free First Time Homebuyer Workshop on October 4th to help renters understand more of what it takes to become a homeowner.
Though we understand there are plenty of circumstances where renting makes sense, such as: when you’re not sure of a potential job move, when you’re away at college, or when your employment is unsteady, it’s important also to understand when it makes sense to buy.
Here are our top 10 reasons to own a home (in no particular order):
- You can start building financial wealth. Homeowners have on average over 45x the net worth of renters.
- You can finally have a pet or two.
- Your mortgage payment (principal and interest) doesn’t change over the life of the loan. No more rising rents!
- You can stay in your home as long as you like. You don’t have to move if the landlord decides to sell or changes your lease.
- You can paint the walls whatever colors you like.
- You can live in a safe community where likely the neighbors live there long-term and look out for one another.
- You can deduct your mortgage interest from your taxes.
- When you sell your home, you’ll have equity built in to buy another move-up home.
- Your home will likely appreciate in value making it a good savings investment.
- You can start a family and give your kids a stable home base.
So, if you’re considering the option of buying, keep visiting our News page during the month of October as we’ll share more tips and advice on how to finally own your first home.