To buy or not to buy, that is the question. And while this question is often asked, it’s not always the easiest to answer. Deciding to own a home or continue life as a renter depends on a lot of personal factors – the answer truly depends on your own situation, but often the best long-term option is to buy if you’re in a place where it makes sense financially. Here are some of the benefits of owning a home that may help you make a more informed decision on when the time is right for you.
- Owning a Home Means Payment Stability – While rent prices can fluctuate based on the market and the landlord’s discretion, a fixed-rate mortgage guarantees a much more stable monthly payment. While property tax adjustments can potentially increase or decrease your payment slightly, your payment is easier to anticipate and, more importantly, budget for.
- Owning a Home Means Building Equity – Historically, real estate has shown to be a sound, long-term investment, so when you buy a home, you’re investing in an appreciable asset that grows in value over time. Every payment you make on your mortgage increases the amount of your home that you own outright and the money that you’ll make back if and when you decide to sell.
- Owning a Home Means Finding Community – When you buy a home, you can truly settle into your community knowing that you’ll be there for the long haul. From building long-term relationships with your neighbors to supporting local neighborhood businesses, this type of community building can give an even greater sense of belonging and help make your house feel even more like home.
- Owning a Home Means Potential Income – With the rise of rental platforms like Airbnb, it can be easier than ever to open up new avenues of income when you own property. Renting out a spare bedroom or Mother-in-Law suite can be a powerful way to defray your mortgage cost and increase your financial stability.
These are just a few of the impactful benefits that come along with owning a home. While you may feel as though you’re far away from being able to afford a place of your own, you’re probably closer than you think! Community Bank offers a range of different mortgage products that can help make homeownership an easy, affordable and attainable step for you and your family. Stop by your local branch and talk about what options are available to you.