June is National Home Ownership Month
/We all know that our home is more than a place to live, especially after experiencing the pandemic. It was then that many realized their home was a place of refuge. Almost overnight, our homes turned into make-shift workplaces, schools, and restaurants! They became main hubs for most family activities. During that time many homeowners re-evaluated the size and functionality of their homes. Some sought larger homes to handle requirements of the “new normal” like working from home and home-schooling. Many others refinanced their homes at historically low interest rates and took on some home improvement projects that would customize existing space for their families for the long term.
According to statistics, about 65% of Americans are homeowners. And although it has become more expensive to become a homeowner, it is still one of the best investments you can make if the time is right for you! Most news stories are filled with doom and gloom about the costs associated with new homeownership. They report negatively that the cost of owning a home has increased and mortgage rates are climbing by the day. (Just a side note that rates are no longer 3-4%, but they are also not in the 8-10% range of the 1980’s and early 90’s either!) They say that competition for listings is challenging and then mention the taxes, insurance and maintenance costs associated with home ownership that you don’t need to budget for as a renter. That seems like a lot of cons to homeownership if you are making a list!
But, if you are financially prepared and have planned ahead, making the move from renting to home ownership can offer important long-term benefits to you and your family. Owning a home can provide increased stability and freedom. You are no longer living in someone else’s space or on their timeline for lease renewals. If you get a fixed rate mortgage, you also gain some control and regularity regarding monthly housing expenses. If you want to stay forever, you can, which is especially important if you have children in school. Many people take up hobbies or roles within their new communities that may not have been possible while renting and most first-time homebuyers report happiness with their choice and are content with how it has changed their lives for the better.
There are many factors to consider before becoming a homeowner and the decision to buy is based on each individual’s specific circumstances and needs. Research can be overwhelming with so many things to consider. I have helped many new homebuyers reach their goal and would be happy to assist in any way I can!
Jarod Tanksley - 615.403.8265
"You've Got a Friend in Real Estate"
BRENTVIEW REALTY 615.373.2814
