This is a question I ask almost every client. “Why are you buying a home?”. I feel it’s a good question to gauge peoples reasoning for making this move. Many understand the concepts of equity and you tend to get more square footage for your money with a home, some want to grow their family and need the space to do so. All of these are good reasons, and it’s important to figure out yours as well.
People buy homes for equity:
Equity is a buzzword that most people hear when it comes to homes and other assets. Here is a picture to easily explain:
Basically equity is the difference between what you owe on the home loan and what the house could sell for. It’s something you cannot get while renting because you don’t own the home. This is one of the most valuable tools associated with home buying. People can use their equity to leverage themselves into other investments like a different house, to consolidate debt, pay student loans for their children or invest in the market. It’s a powerful asset you gain by simply paying your mortgage every month.
People Buy Homes for Stability
When you have the certain guarantee that rent will increase over the next several years, a fixed mortgage payment will start to look more appealing. Purchasing a home with a long term, fixed rate mortgage is one of the few ways you can protect yourself against rising living costs.
People Buy Homes for Appeal
It can be difficult to remodel your apartment, or even find an apartment in the proper school district for your children. You tend to find better locations when you own the real estate. Not to mention you are able to design your own space. This has been a common reason most people buy homes as well.
The Take Away
There are many reasons people purchase homes, only some are mentioned in this article. I always encourage home ownership for the right reasons. We have enjoyed a low cost of living around North East Wisconsin for many years and that is going to start changing. Buying a home now will secure it for many years to come as home values continue to rise and we catch up with the rest of the country in cost of living expenses.
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