by Mary Shepherd, HFHSC Family & Volunteer Coordinator
Your home is an important asset. Owning a home can bring financial rewards as well as personal satisfaction that comes with knowing that you have “A Home of Your Own.”
Home ownership provides the homeowner with an important financial asset because real estate increases in value over time. In addition, the monthly mortgage payment is not “used up” as in rent, but is invested in the value of the home. Each monthly mortgage payment reduces the outstanding principal, so every month you owe less and less on the mortgage note until it is paid off. As you pay off your mortgage, you “own” a larger share of your home. This equity helps build your credit and adds to the house’s investment value. Once your mortgage is paid off, you will still have property taxes and insurance to pay, but the money you once spent on paying off the mortgage will be freed up for other things – retirement, savings, children’s education – the sky’s the limit!
Protect the value of your home by making repairs as needed, by keeping the house clean, and by maintaining the lawn and outside appearance. Add value by making home improvements – add a bathroom, update a kitchen, pour a patio. Establishing a home improvement fund and contributing to it regularly will make these investments possible. Take care of your home and it will be one of the best investments you ever make.
Home ownership provides the homeowner with personal satisfaction. You can personalize your own four walls by decorating and painting, planting and gardening. You can improve your home by building a deck or fence, or refinishing the basement. Being established in a home of your own provides a sense of belonging, stability and security to you and your family.
Homeownership has its definite rewards. Enjoy the valuable experience of owning a home!