Despite Poor Economy, Many Benefits
to Homeownership
Source:
Informa Research Services
News
about the economy may not be the most inspiring thing to read these days. Â For
example, recent figures reported by the National Association of Realtors showed
that existing home sales were down 25.5% from the same time last year.
Nonetheless, homeownership is an investment that can pay huge dividends when
done wisely.
In
some situations, the qualitative factors of owning your home can hugely outweigh
the couple hundred dollars that might be saved by renting. Â One of the major
benefits of owning a home is the freedom to live landlord-free. Â It may allow
you to make changes and adjustments to your dwelling that really make you feel
like your house is your home.
Owning
your home and paying a mortgage can also be seen as a form of forced long-term savings. Â You won't be able to skimp on your monthly mortgage payments and after many years of diligently contributing to this "savings" plan, you will have equity to tap into. Having home equity to use to finance various home improvement projects, auto purchases,
or a child’s college education will be one of the biggest payoffs of owning your
home.
Using
a low
rate mortgage
when purchasing your home can also help lower the cost and boost the benefits of
homeownership as well. Â Currently, the national average rate on a 30 year fixed
rate mortgage is at a diminutive 4.58%, according to Informa Research Services’ Interest
Rate Review.
Even though this rate is already low, because it is an average, this means
there are many lenders who are able to offer rates well below this as well.
Use
online rate tables to find the lowest local mortgage rates in your area.
