• Mark Dunford

Five Benefits of Owning a Home:

Updated: Mar 22, 2020

I get asked a lot from clients who rent..."should I buy or rent". " I asked an expert in the mortgage field, Tessa Doherty with Finance Of America Mortgage, the same question. Tessa is a trusted Mortgage Advisor right here in Winchester. If you have other questions and/or need a great mortgage professional, contact Tessa at 540-542-6155 or at tdoherty@financeofamerica.com.

Five Benefits of Owning a Home:

1. Owning a home helps build your overall wealth. Owning a property means you are on your way to building wealth. Instead of paying for rent, paying a mortgage means you are investing in yourself. Make your money work for you and not your landlord.

2. Make your monthly payments worth something. As opposed to paying rent, mortgage payments go towards the equity you have in your home. Equity in your property is the amount of money your property is worth minus what you still owe. The more mortgage payments you make, the more your equity grows.

3. Mortgage Payments are often cheaper than renting. If you have a fixed rate mortgage, your monthly payments stay the same over the life of the loan. This means that your mortgage payments may end up being less than a rent payment over time as rent usually increases year over year.

4. Make your space your own. Owning a home means you can choose what you do with it. Paint, expansions, and renovations are all your choice and could be a good investment. When you are renting a property, you are less likely to be able to make these choices.

5. Home is where the heart is. For many people, owning a home is an attainable dream. Owning your own home can be extremely rewarding for a multitude of reasons, but most of all it gives you a place to call your own. At the end of the day, having a place to hang your hat can be extremely satisfying.