 Prudential Lifestyles Real Estate, Brokerage |
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 Is Home Ownership For You? Some Things To Think About Do you ever lie awake at night wondering about whether to take the plunge and purchase your first home? Before you lose any more sleep, take a moment to consider the benefits of homeownership. Pride of Ownership Owning your own home can increase self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old. Few accomplishments in life are as enduring or enriching as the experience of owning in your own home. Investment Appreciation No one can guarantee if or how a property will appreciate. If the value of your home increases to the point where you can sell it for more than your purchase price, that difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may want to downsize and keep the value of that appreciation for retirement or other purposes. Building Equity When you own your own home, you "pay rent" to yourself instead of a landlord. Most homeowners pay for the property by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Financial Predictability When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes, unlike rent payments that can be periodically raised. There are many ways you can save on mortgage payments too. Decorating Homeowners are free to redecorate, remodel and accessorize a home to suit one's taste and lifestyle. The benefits of homeownership are not only that you have the right to make improvements but that the value of those improvements becomes yours as well. Family Stability Almost half (45%) of all homeowners stay put for eight or more years (according to the 2000 National Association of REALTORS® Profile of Home Buyers and Sellers). By living in one place for an extended period of time, children are more likely to be raised in a stable environment. Advantages of this include a consistent educational experience, ability to form long-term relationships, and the child's overall emotional security. Privacy While there are usually some limits on the access that landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. Homeowners, on the other hand, generally have much stronger property rights and experience an increase in perceived and actual privacy. So why sit up late at night and worry? As you can see, there are many good reasons to act on your desire for homeownership now.
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© 1998-2010, Prudential Financial, Inc. and its subsidiaries. Prudential Real Estate brokerage services are offered through the network of independently owned and operated franchisees of Prudential Real Estate and Relocation Services, Inc., a Prudential Financial company. PRUDENTIAL, PRUDENTIAL FINANCIAL, and the Rock Logo are service marks of The Prudential Insurance Company of America. Prudential Financial is a service mark of The Prudential Insurance Company of America and its Affiliates. The Prudential Insurance Company of America and Prudential Real Estate and Relocation Services, Inc. are companies of Prudential Financial, Inc. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom. |
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