BENEFITS OF HOMEOWNERSHIP
As a local Las Vegas home builder, we want to make buying a new home affordable and help to make homeownership a reality for the residents of Las Vegas. June is National Homeownership Month. There are many benefits to homeownership. Here are a few:
- Owning a home is like investing in an automatic savings account. You accumulate savings in two ways. Every month, a portion of your monthly mortgage payment goes to the principal, reducing the overall loan amount. Each year, a percentage of your mortgage payment goes to paying down the principal. Second, your home appreciates over time, making it one of the best financial investments and increasing your household wealth.
- Buying a home is the largest investment most people will every make and homeownership Is the largest creator of wealth for Americans. It allows you to build financial security as the equity in your home increases. On a national level, home appreciation has historically risen 5-6 percent annually. When you pay a landlord, it’s money down the drain. When you pay a mortgage, your money is going towards something you own and is over time producing equity.
- Price Stability. Las Vegas is a town where rent-controlled apartments do not exist. What this means is that each lease renewal could mean an increase in your rent. Owning a home provides price stability. While a rent payment can change substantially from year-to-year, you will have the same monthly payment for 30 years under a fixed rate mortgage. Even if you get an adjustable rate mortgage, your payment will stay within a certain range for the entire life of the mortgage.
- When you own, it is yours. And it remains yours for a lifetime if you choose. You also live in a neighborhood with other homeowners, meaning more time to build relationships and friendships. Recent studies have shown that homeowners rank themselves as healthier than their renter counterparts.
Home has taken on a more important meaning to everyone these days. We believe it should be an easy process and we would like to help make homeownership a reality for you.