Taking the initiative to quit renting and purchase a home is a big step. Knowing if you are financially ready to become a homeowner is half the battle, the other half is wondering if it really is worth it to make such a big purchase. Well as your trusted local mortgage broker, Gert Martens with Dominion Lending Centers has listed the top 5 reasons on why you should buy a home.
Reason #1: Consistent Payments
When you rent a home, your landlord has the right to increase your monthly rent at the end of every lease. This means that you could be spending more money on each renewal. However, if you buy a home and obtain a fixed rate mortgage your monthly rates will never change. This will allow you to accurately budget since you will know exactly how much you owe and how long it will take you to pay it off.
Reason #2: Creative Freedom
Landlords generally do not allow tenants to change the interior of the home in any way, or there is a fee. If you own your home, you will have the complete creative freedom to change and decorate the house any way you would like. You can paint the walls any color or even renovate the interior for a more modern look.
Reason #3: Good Investment
You will never see the money you spend every month on rent, again. It gives you no added, long-term benefit. Buying a house is a good investment because homes appreciate in value. In addition, every time you pay towards your mortgage, you are decreasing your loan balance and increasing your home equity. When you have enough equity in your home you can access that money and use it any way you would like.
Reason #4: Low-Interest Rates
Rates have currently been at an all-time low, which means now would be the best time to buy a house and obtain a mortgage with low, affordable payments. To find out what current rates are going for, contact your local mortgage broker at 780-933-0109.
Reason #5: Community Involvement
Homeowners are more likely to get involved in the community than those who rent. Owning a home could entice you to volunteer in the community to better the area in which you live. Community involvement is also an excellent way to meet new people, strengthen your skills and learn more about the area.
For more information on reasons to buy a home, or to get started on your mortgage application today, please contact Gert Martens at 780-933-0109.