As the real estate market is poised to begin a long, slow recovery it’s important to remind ourselves that buying a home should be a lifestyle choice, not a get-rich-quick scheme. Here are five great things about home ownership that you should keep in mind:
- Equity. Homeownership is about building long-term wealth. When you pay rent, you never see that money again. But you will when you own you pay off the mortgage over time. What’s more, homes appreciate about 4% to 6% per year which goes right to your bottom line. A home bought for $10,000 in 1960 is most likely worth 10 times that in today’s market.
- Relationships. As a homeowner, both you and your neighbors stay put longer allowing fruitful relationships to develop over time.
- Predictability. If you get a 30-year fixed interest rate at today’s record low rates your Principle + Interest payment NEVER changes. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for you to budget and make solid financial plans.
- Ownership. America was built on the sanctity of private property and homeownership. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. When you buy a home it’s yours. You can renovate, update, paint, decorate, plant trees, or anything else you want to do to make your house your home. You can’t do that with an apartment.
- Great Deals. Home affordability is at the highest rate ever recorded in metro Denver. Fully 76% of homes are affordable for a family making the median income!
If you live in an apartment and are tired of beige carpets give me a call! I’d be happy to show you what home ownership is all about.