Nearly 6.5 million homes were sold in the United States during 2021. The last time that number passed six million was 2006. It’s no secret, people want to own their own home. And why not? There are many benefits to being a homeowner and we’re going to take a look at three of them.
Owning a home has been part of the American Dream for decades. Most homebuyers make the purchase using some form of financing, usually a mortgage through a lender like a bank.
As a homeowner, that monthly mortgage is more than just money leaving a bank account. It’s a way to build equity and you don’t get that as a renter. Rocket Mortgage defines equity as “the difference between what your home is worth and what you owe your lender.” With each payment, you’re building equity (as long as the home value doesn’t decline).
A fixed-rate mortgage also means the monthly payment doesn’t change. It’s easier to make a budget and stick to it when the payment is static. Another advantage is that a mortgage can be refinanced if interest rates get lower. This can reduce the monthly mortgage payment and with a cash-out refinance, the homeowner can access cash and use it to pay off other loans, for remodeling projects, or even a vacation.
When renting, the money paid each month goes to the owner of the building. It’s money out of your pocket and it’s gone. In addition, it’s not uncommon for landlords or management companies to raise rents annually.
Owning a home offers long-term stability, unlike renting an apartment where a lease typically is signed for a specific time period, usually six months or one year. Signing a lease means that you agree to live in that apartment for that length of time.
If something comes up, like a job opportunity that means moving to another city, you’ll have to break that lease. And often, that will cost you. If you still have five months left on your lease and you pay $1,000 a month, it’s likely you’ll have to pay rent for those five remaining months and potentially a buy-out fee as well. Once you own a home, you’re not tied to a lease or the various restrictions often laid out in a rental agreement.
Freedom for Creative Renovations
As a homeowner, you’re not bound by a rental agreement that dictates what you may or may not do to your living space. Don’t need the wall between your living room and hallway? Tear it down (of course, only if it’s structurally okay to do that). Want an enclosed porch? Go for it.
Homeowners have few to no limitations on what can be done to the house and property. Some limitations may arise if you’re part of an HOA or historical district. You can create the home of your dreams and investing in renovations can mean an increase in the home’s equity. It’s a win-win.
Worried about doing it alone? You’re not alone. There are many different services available to make a homeowner’s life easier. From hiring a contractor for major renovations to calling in professionals to handle jobs like landscaping, carpet cleaning, snow removal, and window and gutter cleaning. When it comes to the latter, rely on the United Window Cleaning Company.
UWCC schedules appointments for residential window and gutter cleaning year-round. Our professional teams are here for you. Contact us today.