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If you are considering whether to continue renting or take the plunge into home ownership, there are number of benefits to homeownership you need to know. While renting seems like a low cost, low risk housing option, the path to home ownership provides many more benefits both immediately and in the long run. Here are 5 benefits to home ownership.
Home Ownership Gives Your Credit a Boost Over Time
Home ownership, in the form of a monthly mortgage, lets creditors know that you are able to pay on time and monthly. It also indicates that you are committed to the purchase you have made. Overtime, your mortgage will provide a good "length of credit history" for future lending. For more information on "How Will Getting a Mortgage Affect My Credit Score," take a look at this article.
Owning a Home Builds a Nest Egg for the Future
Buying real estate is one of the safest investment options. If you are planning to remain in an area for a significant period of time, many experts suggest staying in an area for more than 5 years, than owning is better alternative to renting. As long as you think of owning a home as a long term investment, and not a quick turnaround investment. Remember home values tend to increase slowly but steadily.
You Can Make It Your Own
Renters sometimes complain about what they can do inside their homes. Many landlords place restrictions on what you can nail into the walls, whether you can paint rooms or how you can alter anything inside your home to make it more livable. They may charge you extra when you move out if you plan to customize a room to your taste and liking. As an owner, you can change whatever you need to in order to fit the lifestyle of you and your family.
Time to Create Community
As a renter, in a community of other renters, you see people moving in and out on a regular basis. With neighbors moving in and out, it is difficult to form long lasting relationships and a sense of belonging. As a homeowner, you have the chance to set down roots in a community with others who have chosen to stay for an extended period of time. This allows you the opportunity to get to know the people who live around you and become fully vested in the neighborhood and its future.
You Are Financially and Emotionally Ready
For many renters, time is what is needed to build credit, save for a down payment and afford regular monthly payments. Other things to consider when you are thinking of buying a home is that you have saved money for unexpected repairs, home improvements and other maintenance issues. The positive side of this is that you no longer have to wait for your landlord to fix something or put up with things that make living in your rental difficult, you are in charge of your own destiny. You can find the perfect home to fit your needs and lifestyle.
Buying a home isn't just about the initial payment, you will now be responsible for everything from a new roof to the water bill and everything in between. Paying your bills on time is essential for you not only getting your dream home but staying in it for the long haul. The path to home ownership is one that requires planning and discipline to save and budget but the rewards of having a place of your own are endless. Let First Savings Mortgage help put you on the path to home ownership.