Chris Gonzalez
Mortgage Advisor
NMLS #669924
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4 Reasons to Own your Home
The most common complaint when renting is, “I pay my landlord’s mortgage payment and pay nothing to myself”. Renting has its purpose, but the cost of renting will rise every year. Rather, when you own, your fix your housing expense AND build equity on the overall value of the home over time. Everyone needs a place to live. You should own that value for future use such as paying off debt, send a child to college, or possibly start a business.
Consider when you rent, you are losing money at every move. There are security deposits (which you may or may not get back), pet deposits, non-refundable fees, moving expenses, and almost always expenses for new furniture. When you own your home, it becomes YOURS and you can do what you want without the worry of losing your deposit. Each time you move, you lose $1500 - $5000 just on expenses alone. Move one time, and let the house pay for itself with the equity you build.
When you purchase a home with a fixed-rate mortgage, you lock your monthly principle and interest payments for a specified term of 15 or 30 years. Property taxes & homeowner’s insurance may fluctuate, but the bulk of your housing payment is fixed. Imagine when you want to renew your lease and the landlord charges an additional $200 to renew. Over several years, that increase adds up and will eventually force you to move, beginning the cycle all over again of moving.
Financial benefits aside, owning a home gives a sense of pride and fulfillment for things we provide for our families. Watching our children grow up in a neighborhood and making friends or meeting new people and becoming active in a community are just some of the things that come with owning a home. There is a sense of security for the things that matter most and our relationships expand and grow for the better.
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