Are you Ready to Celebrate National Homeownership Month

Are you Ready to Celebrate National Homeownership Month

Celebrate National Homeownership Month! Whether you are a new homeowner, or have owned a home for a while; there are things you can do to show off your home.

Celebrate National Homeownership Month

So, you probably never heard about this in the past. But, I’m here to let you in on how this started.

In 1995, President Bill Clinton started this as National Homeownership Week to increase people owning their own home. And, President, George W. Bush broadened this in 2002 to include the entire month of June.

Due to COVID-19, many people were home more and spent more time upgrading and making improvements to their property.

Ultimately, our home is an extension of each of us.

Celebrate National Homeownership Month – Why you Should Own a Home

Whether you presently own a home or are in the process of buying one; there are many reasons why you should own your own home. In the first place, owning your own home means you can do whatever you want inside your walls.

For instance, if you want to change the paint color, add new flooring, or light fixtures; you can. And, if you want to turn up the volume on your stereo or TV, you can. However, if you rent; you may have neighbors next door who want you to turn down the volume. Furthermore, you may need to get approval from the landlord on any cosmetic changes you want to make inside your apartment.

And, if you already have a home; be sure to check out my How to Create a Splash in Your Home that you will Love post.

Meanwhile, if you don’t own a home; now is your chance to set up a plan to buy your own.

Are you ready to make plans to get financing?

Real Estate is an Investment

Though prices fluctuate depending on the market; typically housing prices appreciate. The Federal Housing Finance Agency monitor homes across the country. Also, they keep track of movement across the country as well. In addition, the FHFA measures sales, financing and mortgages that have been purchased by Fannie Mae or Freddie Mac since 1975.

Also, did you know many people view their home as a way to monitor inflation?

For instance, the strategy of investing in real estate when interest rate are low is a big advantage. When inflation rises, the cost goes up. And, of course, this involves real estate. But, if you lock in a low interest fixed rate mortgage; the cost of your home will be an asset that appreciates. Meanwhile, this will stay the same as the value of your property increases.

Moreover, if you have extra cash and things are inflated, you want to put your money into something that won’t lose its value, i.e., housing is a good inflation hedge.

Meanwhile, one of the biggest advantages of owning a home is your mortgage interest is a tax write off.  In fact, as long as your balance on your property is smaller than the price of your home; it can amount to a huge savings on your tax return. Be sure to speak to your tax accountant on how to take advantage of mortgage and property tax.

Bottom Line

When you make monthly payments on your mortgage; you are reducing your principal balance. At the same time, I recommend paying a little extra to principal each month. So, the more you pay each month; the lower your principal balance will be.

Nonetheless, the bottom line is it’s to your advantage to save money and invest in a home.

Whether you buy or rent; there are a lot of perks that come with owning a home. More importantly, the longer you live in your home; the more equity you are building in your financial future.

Indeed, there is a lot of benefits to owning a home such as building credit, belonging to a community, and the pride of owning your own home.

Whereas, if you pay rent; your landlord can decide to raise rent or turn the apartments into condominiums. As a renter, you typically know what you will spend each month. However, as a homeowner, you can have unexpected expenses, i.e., new roof, water heater, etc.,

The bottom line is you need to weigh the pros and cons of owning versus renting.

As always, I welcome your comments on what you will do as a current homeowner or do you plan to buy your first home?

Celebrate National Homeownership Month!

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