The Financial Benefits of Owning Your Home
Owning Your Own Home is a Financial Goldmine for Delaware First Time Home Buyers
By now, it’s hard to ignore the facts: owning your home carries huge advantages over renting. Homeownership comes with, among other things, financial perks that just aren’t available to renters. Even with all the advantages of owning a home, many people continue to rent. This opens them up to needlessly stressful situations (including things like unchecked repairs and consistently rising rent). Owning a home is becoming easier and easier with the large pool of mortgage loan programs available to potential Delaware First Time Home Buyers. Delaware home seekers can start their home buying journey easily by calling the John Thomas Team at 302.703.0727, or by applying online.
In this blog, we’re going to take a quick look at some of the biggest financial reasons to own your own home and why you should add homeownership to your to-do list (if you haven’t already). It really pays in the long run to be a first time home buyer in Delaware.
To quote MIT Digital Economy Professor Erik Brynjolfsson:
“Owning a house gives you “residual rights of control” to do what you want with it and that kind of ownership creates psychic rewards for many people and it’s also a kind of forced savings that can pay off over the long term. You can paint it, remodel, put in a garden, invest in custom appliances, etc.”
In this day and age, you should absolutely own or work toward owning your own home.
Why Should Delaware First Time Home Buyers Own Their Own Home?
1. Owning your own home comes with great financial benefits:
- Owning your own home is an investment you can live in.
- It allows you to create a ‘forced savings’ for your family.
- Owning your own home can save you money on taxes.
- Owning your home creates stable long-term housing costs.
- It gives families the opportunity to build family wealth in a shorter amount of time.
2. There have been a lot of arguments springing up that renting is cheaper in the long run. That’s not true when you look at the bigger picture – the one that breaks down your actual rent payment. Things like housing repairs and taxes may look like they fall on the landlord from the outside, but it is all covered by the rent. You help the landlord pay for those housing costs, and with a profit as well.
3. It’s a lot easier to get into a home than most people realize. With the many different Delaware mortgage loan options, potential homeowners can expect to find a loan that fits their specific needs. Even people who don’t qualify for a Delaware Conventional Loan can consider other options like Delaware VA Loans, Delaware Reverse Mortgages, and renovation loans. There are tons of programs and options available to get you and your family in a home.
There are also many Delaware Down Payment Assistance Programs to help people purchase a home in Delaware with very little money out of pocket. You can also borrower 100% if you can qualify for a USDA Rural Housing Loan.
4. Due to increasing home equity, your family’s wealth will grow steadily for the lifetime of your home. This gives your family a great way to build wealth without doing a thing – just owning your own home can end up being a huge bulk of your family’s net worth.
You Can Own a Delaware Home
Renting is not a comparable choice to owning your home. With all the help there is to land you in your dream home, it’s time to think seriously about becoming a Delaware homeowner. Call the John Thomas Team at 302.703.0727, or apply now to get pre-approved for a Delaware Mortgage loan. You can also learn everything to know about getting your first home at our twice-monthly First Time Home Buyer Seminars.