Fall In Love With Homeownership
February 14th is here and love is in the air. All over the world, people are scrambling to get dinner reservations and are rushing to the store for flowers or chocolate. In elementary classrooms all over the country kids are passing out cards and candy. For some, Valentine’s Day is just a really long four-letter word. Some people prefer to celebrate Singles Awareness Day or spend time with their best friends for a Galentines Day. No matter what your relationship status or whether you enjoy heart-shaped boxes of chocolate, everyone deserves love. While the team at Peoples Choice Mortgage cannot help you with romantic love, we can help you fall in love with homeownership. On this Valentine’s Day, we hope that you breakup with renting forever and end up living happily ever after in the home of your dreams.
Marry Your Mortgage and Divorce Your Rent
Although most of us start relationships with high hopes, some relationships are doomed to fail from the start. If we take an honest assessment, that is how the relationship is between us and rent. Rent is simply too expensive to be a longterm housing strategy. Rent prices are rising at the fastest rates in decades. In many markets, rent prices outpace mortgage payments. As months and years go by, rent keeps gettin more and more expensive. Unfortuantely, rising rent payments are not the only reason why it is time to break up with renting. Renting is a one-way relationship. Your landlord gets all the benefits of the agreement. Your rent payments help them pay their mortgage and increase their wealth. Sure, you get a roof over your head, but you don’t own it. It is not counted as your asset. You cannot even paint a wall without consulting your lease.
Benefits of Homeownership
Wehreas your relationship with rent is doomed from the start, buying a house can be the first step in a love story that lasts a lifetime. Like all good relationships, being a homeowner has a number of practical and intangible benefits that make it feel like a fairytale.
Homeowners Have Security
The past two years have taught us all that nothing is given. Our world can change on a moment’s notice. For those who are lucky to be homeowners, no matter how much has changed in the world, at least you have your house. Unison put it well in their State of the American Homeowner. According to Unison, “Despite the upheaval and uncertainty of the past year, one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.” Their study revealed other interesting insights about how our houses make us feel comfortable. 91% of homeowners say they feel secure, stable, or successful owning a home. 64% of American homeowners say living through a pandemic has made their home more important to them than ever. 83% of homeowners say their home has kept them safe during the COVID-19 pandemic.
Simply put, you feel better when you own a house. According to JD Esajian, President of CT Homes, LLC, “most individuals fail to realize that homeownership can benefit your mental health and the community around you.” That has to do with what Mark Fleming, Chief Economist at First American, notes is important about buying a house. According to Fleming, “Buying a home is not just a financial decision. It’s also a lifestyle decision.”
Final Thoughts
We talk a lot about how buying a home can help you build wealth. Although getting a mortgage is a form of taking out debt, it is a key step to building home equity, which is an asset. It is clear that there are practical, financial benefits of buying a house. However, buying a house is about much more than dollars and cents. It is also about a sense of belonging. Buying a house is a lot like a relationship. Yes, the practical benefits are important, but it is the emotional benefits that often mean the most. Buying a house is a love story. Being a homeowner is a fairytale.
So, no matter if you are celebrating Single Awareness Day or Valentine’s Day, you can still celebrate love by becoming a homeowner. A box of chocolates will last a day, but a dream home can last a lifetime. Contact us today if you want our team of mortgage professionals to help be your mortgage matchmaker.
