While renting is a positive solution for many individuals and families, homeownership is another option that makes more sense for many. The bridge from rent to homeownership may seem challenging, but after weighing the possibility, many realize that homeownership is a better fit for their lifestyle. Let’s evaluate the advantages of homeownership (compared to rent) to determine whether it’s right for you.
If you do decide that homeownership is the way to go, Homes for Heroes has solutions to help you get started. We’re here for you – every step of the way.
Advantages of Mortgage versus Rent
Is a home purchase the most favorable decision for you? Using these factors, you can determine which situation will work best for you:
- How long do you plan to stay in the home? The longer you wish to remain in your home, the more likely it is that homeownership is going to be the better option for you.
- What is the cost of the home? The overall expense of your home will impact the monthly amount you pay into your mortgage, which is a fee you need to weigh against the costs of renting.
- What are the taxes on the property? As a homeowner, you’re also responsible for property taxes. Your home insurance will cost more than a renter’s, so make sure to factor in these costs when comparing.
- What’s the value of your mortgage? Home costs aren’t the only things that go into mortgages. You might need to include other fees and expenses as well, such as legal fees and closing costs.
- How much will you invest in the property? Significant repair investments (new heater, roof replacements) and regular maintenance (lawn care) add up, too. In some cases, rental and condo association fees end up costing more than those affiliated with homeownership, but you’ll need to compare specific costs to know for sure.
Many heroes have the stability to stay in one spot, versus other professions that require a lot of job-hopping. So for veterans, EMTs and other medical professionals, teachers, and firefighters, homeownership is often the best option for saving money.
Posterity and Inheritance
If you have children or other family members, you can pass down your home to them as an inheritance. They’ll have to struggle less, managing taxes and repairs, but hopefully, no mortgage payments if the house is paid off. It can give them a head start in life, especially if they find themselves saddled with student debt, car payments, and other expenses.
Your Home is an Asset
Once you pay down your mortgage, your home is an asset. In case of emergency or another primary investment need, you can borrow against your home with another mortgage. You don’t have this option as a renter – you continually pay, with no end in sight.
Sense of Permanence
The sense of permanence a home can provide is intangible but necessary. If you’ve been in the military, in particular, you know how important this is, and what an emotional toll you can feel after moving around and relocating so much. Wouldn’t it be nice to settle down in one place for years or decades?
Haven for Retirement
As a perpetual renter, you’ll always have to pay. Imagine being 80 years old, living on retirement savings and social security, and needing to pay rent every month just like a young, healthy, working person. In addition to being a crucial asset, your home can help you save costs depending on your retirement situation.
How Can You Make the Transition to Homeownership?
Going from renting to homeownership is a significant step in your life and not one you should do without a lot of consideration. Should you decide you are ready to explore a homeownership opportunity, consider working with Homes for Heroes. We’re here to help!
About Homes for Heroes
Do you want to know how to get a mortgage? Homes for Heroes helps you get into an abode (or sell or refinance a home) in thanks for your service. We function by vetting and affiliating with local real estate professionals and other small businesses to help you receive the most savings during a home-related purchase or sale. Sign up here to speak with a Homes For Heroes professional in your local area!
Who Qualifies for Homes for Heroes?
Past and current members of the following types of professions and organizations qualify for assistance through Homes for Heroes:
As an active, former, or retired armed services member, you understand the importance of home and the security it provides. Likely, you’ve spent time traveling around the world in service to our country, and we’re grateful for all that you’ve done. In addition to the mentioned homeownership benefits, if anyone deserves to lay down roots in the United States, it’s you!
Law Enforcement Officer
Protecting and serving your community means being a fundamental part of it. Additionally, most cities and municipalities require law enforcement personnel to live within the established boundaries of those locations. With such a community-centric vocation, one you know you can safely protect, it makes a lot of sense to purchase a home near your job.
Community service and proximity to work are crucial for firefighters, especially if you’re volunteering on top of another job. Homeownership can provide a ‘home base’ for your activities, ensuring you’re always close by when a call comes in.
Teachers are the heart of our communities, enriching young minds. Once tenured, you’ve got more job stability than people in many other professions, making homeownership a more financially feasible option for you than it is for many others.
Emergency Medical Technician (EMT)
As an EMT, you know what it’s like to be attached to your community. Why not select the permanence of being surrounded by it in a new home?
Healthcare professionals often work long hours. If you work at a hospital, you know this to be especially true. A short commute makes residing near your place of work a perfect idea.
Are you ready to further explore the option of homeownership? Do you or your spouse fit into one of the above categories? It’s time to get started! Contact Homes for Heroes to begin your journey to homeownership today. You could save thousands on your closing costs and overall home purchase.