You Have More Stability
One of the perks of renting is having the flexibility to pick up your life and live somewhere else when your lease ends, but with that flexibility also comes the possibility of your landlord deciding to increase your rent payments each year or deciding not to renew your lease altogether. Becoming a homeowner gives you more stability and allows you the freedom of settling down and planting roots. If you’ve found a town, city, or neighborhood that you love living in and don’t see yourself leaving for a while, home ownership might be the right decision for you.
You Have More Control
As a renter, you have to get approval from your landlord whenever you want to make a minor change to your living space. Forget about making any major changes, it’s likely out of the question entirely. When you're a homeowner, you have the power to make changes to the interior design of your home at a moment's notice. If you enjoy interior design and making changes often according to the latest trends
, home ownership gives you the ability to do so without the chance of a third party overruling it.
You Gain Equity
When you’re renting, your money goes into your landlord’s pocket. When you're the homeowner, your mortgage payment actively helps you gain equity on your home. When you pay off your mortgage, you have an investment that you can potentially profit off of, should you decide to move.
Making moves towards home ownership can be a great step for you, especially if you’ve outgrown apartment living and want to settle down. But before you go ahead and start house hunting, you want to be sure that you’re ready to become a homeowner with all that comes with it. Here are a few things to consider before you make that decision:
Do You Have Savings?
In addition to the upfront costs that come with purchasing a house, you'll also need to pay for moving costs, new or additional furniture and more. Having some savings set aside for home emergencies is also important, should you have an unexpected issue arise that ends up costing a pretty penny.
Are You Able to Keep Up with Payments?
With home ownership, there are extra monthly fees that you haven't had to pay when you're renting. Yes, you had to pay rent and some utilities, but with a house, you'll need to pay a mortgage payment, all utilities, home insurance, taxes, and potentially homeowner's association fees. Keep this in mind when you're house hunting and ensure that your income can cover these payments without issue.
Are You Willing to Handle Home Fixes Yourself?
As a renter, you’ve been able to call your landlord to take care of small home improvement projects or issues. As a homeowner, you need to be willing to take care of these issues yourself, or at least spend the extra time and money researching and coordinating with a professional to take care of it. Even tasks like mowing the lawn, gardening, and shoveling snow were likely taken care of by your landlord. As a homeowner, it’s your now your job to put the effort forward.
Despite these responsibilities, becoming a homeowner is a great opportunity for you to settle down and invest in a property.
Do you think you’re ready for homeownership?
Get help from one of Sikorsky Credit Union’s Home Loan Consultants
. They’re available to walk you through your home financing options and be with you every step of the way. For more information about our mortgage products, click here
Are you tired of renting? Do you find yourself thinking about taking that next step towards home ownership? While renting does have some perks, home ownership can be a great move for you to make if you’re looking to settle down and have more stability. Here are a few reasons that home ownership might be a great next step for you: