Jan 29in GENERAL
American Dream of Owning Your Own Home
The American Dream of owning your own home has remained prevalent throughout history and that dream is about to make a huge comeback.
Although renting may seem like an easy solution to your living situation, you may be surprised to find out how many benefits there can be to buying your new home in Everett, WA, rather than renting. Rents are shooting up in price but interest rates happen to be extremely low right now, so it is a perfect opportunity for new home buyers. Kimberly Palmer actually talks about some reasons to buy instead of rent, in her article from U.S. News MONEY.
Being a home owner has earned a bad reputation, this is an effect of the subprime mortgage crisis and the economy crashing, which left many with a bad taste in their mouth toward buying a home. The article states, “rents are rising while housing prices are falling, making buying a home more affordable.” In many areas of the U.S., the numbers show that buying a home is actually easier on your wallet than renting.
Are you still not sold on the prospect of being a new homeowner? Consider this list of reasons:
Although owning a home may not be for everyone, the benefits are apparent. If you are in the market to buy your dream home, Sea Pac Homes offers several beautiful homes that are available in Everett, Monroe, Bothell.
Make the move, become a home buyer and own your home and all these benefits will be yours.
- You can improve energy efficiency.
If you are renting a home, you have little to no say on how the unit is air conditioned or insulated. While you can make some conscientious decisions in your energy use the possibilities of energy efficiency basically stops there. By simply upgrading your insulation and air condition you could already see an improvement on your energy bill. Homeowners can also make heftier changes like installing solar panels or an energy efficient roof. These changes not only improve the environment but make that energy bill easy on the wallet.
- You can make your house your home.
Home owning enables you to have the freedom to make your living space exactly the way you want it. Whether it is re-doing the bathroom, adding a soaking tub or knocking down a wall to access that open concept home, all of these are possible when you buy a home. Whereas with renting, that damage deposit would swiftly disappear with one too many nail holes in the wall.
- Owning a home inclines you to save and keep that money in the bank
Being a homeowner, you know exactly how much your mortgage payment is on a monthly/yearly basis vs. yearly rent increases, as well as, a portion of your mortgage payment goes towards purchasing your home. When you have a mortgage payment that is the same each month, you have the ability to save more money for future home repairs and upgrades. Fixed mortgage rates are dependable; they don’t rise every year to someone else’s specification like rent does. By putting 20% down on a home with a 30-year fixed mortgage you will lock in your mortgage and protect yourself from future inflation. If selling the home becomes advantageous, then you may even walk away with a “payoff”.
- You can’t get kicked out of your own home.
If the landlord decides to sell the unit you are living in, you do not have any authority or rights to refuse. Many elderly people live off of a fixed income and can’t afford increasing monthly payments and this is why buying a home is recommended. Being in a home that you own is a major comfort.
- You won’t have to talk to a landlord ever again.
If something breaks or goes wrong in a space that you don’t own, a landlord can take an exorbitant amount of time to have it fixed. If you are the homeowner you are the one holding the reins. You will have complete control of what is fixed and also the quality of the repair.
- Tax deductions.
You get tax benefits from being a homeowner. One of the best benefits is the opportunity to deduct mortgage interest payments. You can also deduct eligible expenses which can include improvements to your home.
- Interest rates are at an all-time low.
The interest rates in today’s market are making history with how low they are. The article brings out that fact, “Trulia says, asking prices on homes went down 0.7 percent over the last year, while rents went up by 5 percent.”
Although owning a home may not be for everyone, the benefits are apparent. If you are in the market to buy your dream home, Sea Pac Homes offers several beautiful homes that are available in Everett, Bothell, and Snohomish.
Make the move, become a home buyer and own your home and all these benefits will be yours.