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Mar 26

Own a Home and Enjoy These 4 Financial Benefits

Posted by at 13:41 | Default | Comments(24) | Reads(917)

Following the housing crisis, there has been a lot of debate on the wisdom of owning a home.

Most people are convinced that it is better to rent and be safe than sorry. Others have taken advantage of the low prices of real estate property and purchased homes.

Home ownership has some undeniable benefits, which you should consider before you decide that you don’t want to ever own one.

Once you read the below points and are convinced about the benefits of home ownership, purchase a home in a place like Stowe, Vermont where you can enjoy beautiful terrain, good weather and security at a friendly cost.

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Below are some of the financial benefits that you will get from owning a home:

1.  Take advantage of low interest rates

As the housing market tries to recover, banks have kept their lending rates low in an effort to encourage more borrowing. For instance, lending rates in Stowe, Vermont are around 3% APR for a 15-year mortgage and around 4% APR for a 30-year mortgage.

To calculate the exact amount of money you will pay in monthly installments, type real estate Stowe VT in your browser to identify a home you like and the price, then use a loan calculator to zero in on monthly installments. You will find that the installments are really attractive.

With such low interest rates and monthly payments, owning a home will save you a lot of money that you would be paying in rent.

2.  Own a home for a low price

If you are buying a home for the first time, this is the time to own your dream home at a bargain.

If you are able to buy more than one home, the better for you. The prices of homes will eventually appreciate and you can sell some of your homes for a profit.

3.  Owning a home protects you against inflation.

If the interest rate on your mortgage is fixed, the monthly amount you pay will not change even if there are inflationary changes in the economy. This makes home ownership affordable during inflation.

If you are renting, your landlord will increase your rental payment due to inflation and if you are not prepared to foot this increased cost, you will have to find cheaper accommodation elsewhere.

Your landlord will not lower your rent when the economy stabilizes; your rent will always go up, not down.

4.  Home equity

Home equity is a powerful tool to have. Even if you have not fully paid your mortgage, you still have equity equivalent to the mortgage amount that you have paid down. At a point when home prices will appreciate, you will have very attractive home equity.

If you contrast this to renting, you will never own any part of the home you are renting no matter how long you live in it. At the end of your rental term, you will have wasted a lot of money, which you could have been directing to a mortgage.  

As you can see, there’s a lot you can gain financially by owning a home. However, be financially savvy with your income and avoid buying a home that is too expensive for you. Invest wisely and you will not regret it.


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