Local Buying Tips

A few reasons buying a home and establishing equity is a smart financial move

One of the main benefits of buying property instead of renting is gaining equity. Equity is how much of the property you've paid for and own. The longer you stay in a house, and subsequently, the more mortgage payments you make, the more equity you have.

Here are a few reasons buying a home and establishing equity is often a smart financial move:

• You're investing in your future. Monthly mortgage payments typically benefit you in the long run as you slowly gain more ownership over a home. When the time comes, you can sell and hopefully get a return on your investment. As a renter, on the other hand, your monthly payments go to someone else and you don't reap any of the benefits.
• You can increase resale value and make a profit. As a homeowner, you can make any changes you want to the property. Investing in even the smallest home improvement projects over the years could increase the home's value.
• You can use your equity as collateral. If you're short on money, you may be able to borrow against your home equity at fairly reasonable interest rates. Common uses of home equity loans include performing home improvement projects, consolidating other debt and covering college expenses.

If you think it's time to make the move from renter to homeowner, give me a call today, and we can discuss the home buying process.