From stability and financial benefits to the freedom to paint your front door red, owning a home has many benefits. Check out these 3 reasons why people in Sacramento County want to own a home.
3 Huge Benefits of Homeownership in Sacramento County
1.Financial Benefits of Homeownership
Many people think it’s cheaper to rent, but long-term buying is most often a much better deal. Mortgage payments can be cheaper in some areas than rent. Also, as you pay off your mortgage the equity in your home increases. When your equity increases, your monthly payment is going to something that benefits you! For many people, renting is equivalent to throwing money out the window. Why not buy something that is actually yours and that you can enjoy instead of paying for someone else's dream?
These can change from year to year but there are also tax benefits to owning a home to consider. Deducting things like mortgage interest, closing costs (the first year) and property taxes are common. Also, any interest paid on home equity loans is deductible as well. Transferring your credit card debts to your lower interest home loan can equal big savings for you!
There is also financial benefit found in building equity in your home. Your home equity is the difference between what you can sell it for and what you owe. Your equity will grow as you pay down your mortgage. Over the years, more of your monthly payment goes to the balance on the loan instead of the interest, building more equity. This all adds up to more savings on your part!
2. You’ll be free to create the home that you want
One of the greatest benefits is being able to do what you want with your own home. Choose your paint colors for the walls, install your favorite speaker or lighting system or decorate to your heart’s content. Do you have a love of animals? You can have the dogs, cats, or exotic pets you love without having to pay a monthly pet fee or worry about them damaging your landlord's carpet. By owning your own home, you can have the home of your dreams. You will not have to operate on what someone else says.
3. Homeownership offers stability in life
Owning your own home can make you feel more connected to your neighborhood and community. It also gives you a sense of pride. Homeowners move far less often than renters and hence are embedded into the same neighborhood and community for a longer period of time. While both homeowners and renters may aspire to be engaged parents, homeowners likely live in neighborhoods with more opportunities for school involvement or participation in neighborhood activities.
Research has also confirmed that access to economic and educational opportunities are more prevalent in neighborhoods with high rates of homeownership and community involvement. The average child of homeowners is much more likely to achieve a higher level of education and, thereby, a higher level of earnings.
Homeowners also have a much greater financial stake in their neighborhoods than renters do and have a lot more to lose financially than do renters. Since property crimes directly result in a financial loss to the victim, it’s important to note that violent non-property crimes can impact the property values of the whole neighborhood. Because of this, homeowners have more incentive to deter crime by forming and implementing voluntary crime prevention programs.
Here at Team Lund, we understand that homeownership continues to be viewed as essential to achieving the American Dream. We want to be the ones to help you find your dream home! Contact us today online or call the office at 916.531.7124 . We’re here to help you find what fits your family's needs in both size and budget. We will work with you to make your home happen!
Tell us, what do you consider to be the most important benefit of homeownership?
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