Homeownership
Homeownership has long been associated with the idea of the American Dream. For many, owning a home represents stability, financial success, and the opportunity to contribute to the community. The benefits of homeownership, ranging from social to financial, have directly resulted in a steady rise of homeowners in the United States starting in the 1900s. Below are some of the more unique benefits of homeownership to help determine whether or not owning a home lines up with your personal American dream.
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- Telephone:
- 678-861-7185
- E-mail:
- camrealtyga@gmail.com
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Benefits to Homeownership (4)
- Build Equity
- Long-Term Savings
- Building Wealth
- Control Over Expenses
Equity refers to the amount of value you have in a given asset. As you pay off your mortgage each month, you will be building equity in your home. This differs from paying rent because you will be contributing to a physical asset rather than making monthly payments to a landlord. This is why purchasing a home is often thought to be a financially savvy move.
By building equity in your home, you are also setting aside money for your future. That’s because there are several ways to tap into your home’s equity down the road. Studies show that homeownership rates peak at or near retirement ages, suggesting that home equity contributes to retirement savings for many Americans. Therefore, by buying a home, you are promoting financial stability.
As your property increases in value, so does your equity, allowing you to sell for a profit. You could use that extra money to reinvest in a new home as well as an investment property. Additionally, you could use your home to build wealth right away by using it as a rental property or house hacking.
When you own a home, you can be certain of the monthly payment you will need to make while living in the house. On the other hand, when you rent a home, you are faced with the uncertainty of an increase in rent if your landlord decides to change it. Unless you decide to change your mortgage terms, your monthly payment will remain the same throughout the duration of your home’s mortgage.
FAQ's (7)
- What defines a Ready, Willing and Able buyer?
- How much can I afford?
- What's the difference in Down Payment, Earnest Money, and Closing?
- How Do I get Pre-Approved for a Mortgage Loan?
- Can I have a list of properties sent to me?
- What's the difference in an Appraisal vs Inspection?
- Is Chris McDole the Right Agent for Me?
A buyer who is prepared to comply with terms and conditions of a purchase contract and has the financial ability to complete the transaction.
To calculate affordability, there are a few items to consider such as household income, monthly debt, and available savings. A good affordability rule of thumb is to have three months of payments, including your housing payment and other monthly debts, in reserve. https://www.nerdwallet.com/mortgages/how-much-house-can-i-afford/calculate-affordability
Here is an article which defines down payments, earnest money, and closing costs in simple terms.https://themortgagereports.com/37827/earnest-money-check-down-payment-and-closing-costs-when-are-they-due
Go to the navigation menu and click on Partners. I've provided links to easily submit your information to a preferred lender and start the pre-approval process.
Simply complete the form above or email me with your requirements at camrealtyga@gmail.com
An appraisal is a walk-through and a general assessment of a home, analyzed with the help of nearby comparable sales. The goal of an appraisal is to determine the fair market value of a property. It's required by most lenders.
An Inspection is a more thorough review of the property's condition and functionality of major systems. The licensed inspector will provide recommendations to the buyer on items in the home that should be repaired or replaced before closing.
I would like to think I am!🙂 Let's meet for coffee and I'll let you decide if we would be a great fit for each other.