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Are you a homeowner? 7 Signs You’re Ready To Stop Renting
Are you Homeowner?
Searching for a new home sometimes can be a hard time because of currents market behavior.
Small places, share leases and under $2,100, low-cost maintenance, walking distance to public amenities are leading many Millennials to ask themselves the age-old question: should I rent a home or should I buy?
Beyond common-sense justifications like paying for something as a homeowner vs. lining a landlord’s pocket. Trends can come and go, but numbers don’t lie.
With that, 2025 projections estimate that 25 million new homeowners will be under 30 by 2025, being a millennial and homeowner trump being a tenant.
Homeownership Advantages
Why you should say goodby to your landlord? There are plenty of advantages to homeownership.
And while buying isn’t right for every person or for every life stage or circumstance, there are several perks of homeownership that tend to stay stable over time.
These include building long-term equity, the comfort and pride that can be associated with owning your own home, and, of course, lower overall monthly cost.
It’s a fact that homeowners are wealthier than those who rent homes. In fact, the average net worth of U.S. homeowners is $231,400.
The decision on whether to rent or buy is a huge and costly endeavor.
If you’d like to get on the homeowner wealth train but are not sure if you’re ready, ask yourself the following questions
- How secure is your current employment?
- Do your rent payments keep going up?
- Do you have any savings in the bank?
- Can you improve your Credit or is it over 580?
- Do you need more room?
- Why are you paying someone else’s mortgage?
- How are you managing your debts?
It is estimated, that paying rent every month and watching that money go into someone else’s bank (landlord) account gets old after a time.
One way to accumulate wealth is by putting that monthly payment in your own pocket by building equity through homeownership.
If you’re considering getting out of the leasing game and into homeownership, here are a few tips:
Being a homeowner often means a lower monthly payment, when you buy a home with a 15- or 30-year mortgage, you’re doing more than just making monthly payments; you’re building equity in your property and making a long-term investment that hopefully will pay dividends down the road, besides you can establish a budget to account for your mortgage payment and can feel comfortable knowing that your home will remain yours.
Renting in these new development communities required about 31% of median household income, while owning a property of similar size required only 26%. And sometimes, buying a home can save you more than money with current markets. DUe to COVID-19 home, the price has gained more equity between 9 and 14%.
Homeownership is a preferable option if you want to turn up your music, enjoy some quiet time, or if you value your living space as a private sanctuary
With renting, you often don’t have the option to make the place you live truly yours, or if you do, you will need to gain permission from the landlord, and often agree as the leasing contract said you need to return the property to its original state at the end of your lease.
With homeownership, your house is exactly that: your own PALACE.
