Still renting? Here are 4 benefits to owning your own home.
- Build equity – Owning a home is like having a long-term savings account, whereas renting is just throwing away money into someone else’s bank account.
- Stable monthly payments – When you purchase a home and lock into a 15 or 30-year fixed rate mortgage, your monthly payment will remain the same rather than increasing every time your lease is up for renewal.
- You can take pride in ownership – When you purchase a home, you have the freedom to make changes as you please. From paint to flooring to landscaping, you don’t need a landlord’s permission to make changes.
- Improve your community – Owning a home (and being surrounded by other homeowners) means you each have a vested interest in improving and maintaining your community because your home value is directly tied to the neighborhood value.