I have been very fortunate to live where I want to be. Having been raised in the country I learned how to weed a garden very early, picking up eggs and milking a cow came soon after. The best way to live where you want to be is to buy a house there. Here is a short list of five great reasons to own a home.
- On my list is control, which comes with ownership. You can build fences, put up a pole barn for animals or plant trees in your own orchard. Most renters have no (or very little) authority concerning their home, they must ask permission.
- The orderly security of owning where you live. Knowing that the monthly payment is affordable and will stay the same amount designated by the mortgage, thus allowing the formation of solid financial planning built on predictable expenditures.
- Neighbors and years of history. Knowing our neighbors, their children and grandchildren requires many years of home ownership. The current job market is tough; families see their young adults leaving Michigan in search of decent jobs. Only by owning a home can the young grow up close to the elderly, having time to develop healthy relationships.
- Home Equity, which also provides security, cannot grow without ownership. Renters only build equity for their landlord. Time to appreciate, historically at about 4 to 6 percent a year. We hopefully are done with the boom and bust cycles so the more dependable long steady climb of long-term wealth building can work its magic.
- Opportunities. It is a great time to buy. Mortgage money is available at historic lows; less than 4 percent may be obtained. Home prices are also available at the lowest rates in many years. If you have a steady income talk to a Realtor, we may be able to show you how you can move into your own home next year or move up (or down) into the home of your dreams
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