SOURCE: Rocket Mortgage
Thinking about buying a house? 🤔 You’re not alone! Owning a home comes with plenty of perks, from building equity to enjoying a sense of security and privacy.
Here’s a list of benefits from owning a home:
- Investing And Building Equity – Consider your house a long-term piggy bank. As you build equity, your home value increases. Not to mention, homes generally appreciate in value over time.
- Improving Credit – As you maintain regular mortgage payments, your credit score will increase over time.
- Greater Privacy And Control Over Your Living Space – Unlike renting, or even owning condos or townhomes, buying a house lets you have total control over your home. The only rules you need to follow are codified laws and those set forth by your lender or HOA, if there is one.
- Longer-Term Stability – According to the U.S. Census (Table A-4), homeowners are four times less likely to move in a given year compared to renters. If one of the greatest allures of homeownership is passing down a home that’s fully paid for to your children, you’re not alone. Your neighbors will likely feel the same way, and will fight to create a stable, safe neighborhood for their children.
Buying a house will likely be the biggest investment that you’ll make in your lifetime. And staying in that home long-term has its advantages! Planting roots in one place can bring a sense of community and stability. 🏡