After the housing bubble collapsed in 2008, many older millennials may have seen close friends or family experience financial stress. Therefore, it’s understandable why it may be difficult to make a commitment to homeownership. However, here are three good reasons why it makes sense to own your home rather than keep paying rent.
When you own your own home, you make the rules. Pets, parties, guests, no problem. Owning your own home empowers you to be the host. Have friends and family over for the holidays, plan surprise birthday parties or just spend a rainy Saturday afternoon with your favorite pet. Just like moving away from home was a huge step in your independence, so is buying a house.
Build Long-Term Wealth
As a millennial, you may find it challenging to save for a down payment, yet if you’re able to put just a little bit of money away each paycheck, you may be able to qualify to buy a home for as little as 3% down with some loan programs. As a homeowner, the benefits are huge. Instead of paying rent, you are now building equity that may be used to pay off long-term debt while working toward owning an asset that is truly yours.
Become a Part of the Community
It’s not easy to immerse yourself in a community when you’re moving every few years. When you have your own home, it lets you be a part of building the community you want to live in. Take part in neighborhood projects like a community garden or volunteer for a clean-up project. You may find out that your neighbors share your hobbies and form lifelong friendships.
Thinking about buying your own house? Freedom Mortgage is ready to help you through this intimidating and rewarding process.