A recent survey done for Bankrate, Inc. by Princeton Survey Research Associates International of 1001 randomly selected adults found that 90 percent of homeowners do not regret buying their current home. For those who expressed regret , the inability to pay the monthly mortgage or to sell and move on were the primary reasons. In other words, homeowners are generally a satisfied lot.
There are other reasons for purchasing a home other than just as an investment. These reasons have a lot to do with personal comfort and satisfaction. For example, it’s often easier to find a suitable home to purchase than it is to find family-sized rentals in areas with excellent public schools. Nice homes in desirable communities are usually owned not rented. You are your own landlord in a home you’ve purchased and do not have to worry about rising rents or being asked to vacate so the real owner can move in or sell. You may stay in your own home as long as you can pay the mortgage. With a fixed-rate mortgage your payments stay the same and you eventually will pay for the home and no longer have payments usually in 15 to 30 years. Paying the principal of your mortgage is a type of savings as it builds equity and you can usually sell the home for more than you pay for it. As we have seen in recent months, home values can fall just as a 401K can lose value but they usually rise again in future months and years. As a home owner, you can make changes as you wish. You don’t have to get permission to paint a room a different color or to change the flooring material. If you want to add a deck or whatever, you will be adding to the value of your own property not a landlord’s. You can landscape as you desire and add trees, flowers or shrubs that you love instead of looking at what a landlord put in as cheaply as he could. When you choose your home to purchase, you can usually choose your neighborhood, lot size, and home amenities especially in the high-inventory market available currently.
A Fannie Mae report recently revealed that 70 percent of consumers see the purchase of a home as a safe investment. This same report showed that 64 percent of Americans think now is a good time to buy. Interest rates are at an almost record low historically. Example: Mortgage rates were at a record low for 10 of the last 11 weeks. If you have a good credit score and steady employment, you may want to discuss the amount you would qualify to borrow for a home purchase with a local bank or mortgage company. The Realtors at Magnolia Realty, LLC., can help you find a lender if you don’t know one. After determining your price range, you’ll want to contact a local Realtor to see some of the available properties in that price range. Any of the Realtors at Magnolia Realty LLC in Auburn will be able to help you find a desirable home where you can join the other 90 percent of satisfied homeowners in America. Don’t miss out on the opportunity to get low interest rates, lower home prices, and a wide selection of homes from which to choose. NOW IS A GOOD TIME TO BUY!!!
(Article by Ellen Faurot, Realtor, Magnolia Realty, LLC. Sources include 5 Reasons Homeownership Trumps Renting from The New York Times, Ron Lieber - 8/27/2010 - via REALTORMagazine-Daily News and Most Homebuyers Have No Regrets by Broderick Perkins, 9/2/2010, via Yahoo! Real Estate.)
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Magnolia Realty @ 7:16 PM
