It’s no secret that achieving homeownership is becoming harder in recent years. With increased interest
rates for borrowing, fewer homes on the market, and inflation driving up costs on construction, fulfilling
the dream of owning a home seems to slip further away. That is why it is so important to celebrate your
accomplishment if you have finally purchased your first home!
New Home Owners Day is celebrated on May 1 every year, and the whole month of June is designated
as National Homeownership Month. Owning your own home will be one of the biggest financial
accomplishments in your life, and the joy and pride you will experience should be celebrated. It’s about
more than just owning your own space; it’s about achieving the goal for which you may have been
saving for years. Your home will be a place to make memories, grow a family, and even where you can
retire. Saving the funds for a downpayment and closing costs takes commitment, hard work, and
perseverance. So, if you have achieved this incredible goal, be sure to acknowledge and celebrate your
hard work and accomplishment.
Owning a home instead of renting has numerous benefits. If you are on the fence about whether to
continue renting or buy a home, here are a few great benefits of homeownership that may persuade
you to start your journey to homeownership.
Owning vs. Renting
If you only need a place for a short time, it is cheaper to rent. Purchasing a home can be a long and
complicated process, and it will take time to recover the up-front costs. However, owning a home is a
wiser long-term financial investment. The net worth of a homeowner is 30 times greater than that of a
renter. Homeowners can take advantage of federal income tax deductions such as mortgage interest
and property taxes paid each year. Under a fixed-rate mortgage, the interest rate remains the same for
the life of the loan. So, except for increases in property insurance and taxes, changes in monthly
payments are kept to a minimum each year. By contrast, renters may not have any advance notice or
recourse on rent raises when the lease comes due. With a home loan, if the interest rates go down in
the future, you can refinance to reduce your payments or reconfigure the loan.
Owning Increases Your Net Worth
The monetary value of a house increases over time. The difference between what you owe on the home
and how much it will currently sell for is the home’s equity. When you own the house, you can take an
additional loan against the equity to use for projects like remodeling, repairs, or home improvements.
Or you can plan to bank the equity profit when you sell the home. The value of real estate increases
over time, so the longer you own the house, the more equity you will gain.
Make Your House a Home
Owning your house means that you have the freedom to make it into your style. While a landlord may
not allow you to even put a nail hole in a wall, as the owner you have the freedom to decorate, paint,
remodel, and landscape the yard. Experiencing the freedom and joy to make the house truly your own
space will validate all the years of sacrifice you made to own a home.
Celebrating Home Ownership
After the papers are signed and you turn the key in the front door, start planning your celebration. Now
is the time to celebrate your blessings and remind yourself to be grateful for this new home. Your friends and family will surely want to celebrate with you. Host a housewarming party and invite your close friends and extended family to celebrate your new home. If you prefer a quiet time by yourself instead, or you have moved far away from those you know, celebrate by lighting up the fireplace for your private housewarming. Cook up a special meal as your first dinner in your new home. And finally, lift a glass with your beverage of choice and make a toast to your hard work and accomplishment.
Turnkey Homes Can Help
If you are a first-time homebuyer and don’t know where to start, Turnkey Homes is ready to help you start celebrating home ownership!
Turnkey Homes is an experienced home builder in Wisconsin and is ready and excited to guide first-time homebuyers. Review our portfolio and then meet with us to discuss how we can help you achieve the homeownership dream. Building custom homes and spec homes is our focus, as well as remodeling. Whether you are looking to build a new home or remodel the one you just bought, Turnkey Homes can help.
Call us at (920) 470-4315 or contact us through our website at www.turnkeyhomesllc.com/contact-us.
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