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TruMark Financial Blog
April 24, 2018

The benefits of homeownership

It’s everyone’s dream to get a place of their own, a happy space where they can sleep with a sense of security, while also enjoying the pleasures of life. Buying a house is indeed one of the most important yet stressful financial decisions. At the same time, it’s probably one of the best investments you can make during your lifetime. However, if it is not carefully planned and well-thought-out, it may remain exactly that – a dream.

Owning your own home makes a lot of sense, as it benefits you in many ways:

  • By making a mortgage payment every month, you invest your money in a property that will be yours until you choose to sell it.
  • During tax time, you can deduct the interest you’ve paid (as well as any paid points) on the mortgage throughout the year.
  • You have the freedom to do whatever you want in your own house as long as it is legal and doesn’t harm anybody else.
  • You can decorate your house the way you like it. You can even make structural changes by extending the property with a room addition or a larger indoor or outdoor living space. You can’t even think of doing anything like that in a rental property or apartment.
  • There is no need to contact a landlord for problems around the house.
  • If you have children, it’s always nice to have a space of your own so they can play, make friends in the neighborhood, find a school nearby, and build memories that stay with them in the long term.

Where and how to start?

During the homeownership journey, there are many processes and lots of paperwork involved. To simplify it, just start off by asking yourself specific questions to calculate the expenses and identify if you can afford them. Besides the cost of the house, think about the interest you’d have to pay on mortgages, fees for solicitors, and other processes that may be involved in making the purchase There are also repairs or renovations the house may need, money for essentials such as bedding, furniture and décor, and the utility bills.

Calculating these expenses is easy today because of the many online tools such as free mortgage and debt calculators. They certainly make life a lot simpler and really help consumers make educated buying decisions!

Once you’re confident you can afford to buy a home, you’ll probably need to secure a loan from a bank or a reliable lending institution. There’s negotiations and legal work involved and if all goes well, you have your own house and a nice chunk of debt to go with it. Keep in mind  that home loan debt is “good” debt. As time passes, you’ll enjoy the freedom of owning your home and save on taxes and furthering your own investment(s).

TruMark Financial has the terms, features, and options designed to make getting a mortgage easier. Call, click, or stop by a branch to get started.