WHY SHOULD YOU WANT TO OWN A HOME?

The dream of home ownership is nearly as old as man himself. While many people envision owning their own home, some of you may be wondering what all the hype is about.

Here are just a few of the reasons why you may want to consider purchasing your own home: 

• It's Yours — This may seem obvious, but knowing that the home you’re living in is yours is a feeling that’s like non-other. 

• Built in equity — While the market may fluctuate, over the years homes have consistently increased in equity, especially in DFW. 

• Consistent monthly payments — One of the worst things about renting is that the payments always go up. When is the last time you’ve heard of a rental payment going down? While your monthly payment may change a bit, your mortgage payment will remain quite consistent for the life of your loan.

• Privacy — One of the main reasons many people desire to have their own home is for privacy reasons. If you’ve ever had someone live above you in an apartment, then you know how noisy it can be. In your own home, this is virtually a non-factor.

• Tax breaks — You’ll definitely want to speak with your accountant about your specific financial situation, but home owners generally enjoy significant tax breaks that are not available to renters. 

• Increased credit rating — When kept in good standing, your monthly mortgage will help boost your credit score. A mortgage is a large installment loan, so paying it on time each month will help to boost your credit score. This means lower interest rates and cash savings when applying for new loans and/or refinancing your current loan!

• More overall wealth — A study conducted by the Federal Reserve from 2013-2016 found that the average home owner was worth over $200,000, while the average renter was only worth around $5000. Which amount would you rather have?

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