5 Benefits of Homeownership – National Homeownership Month | The Wolek Group | Tulsa Realtor

June means Summer is officially here! It’s time for cookouts, yard work, and swimming! June is also National Homeownership Month. Homeownership may seem like a distant goal for some, and others may think renting is the way to go. And while renting a home works for short-term situations, there are so many benefits to homeownership.

Here are five benefits of homeownership and why it might be a good fit for you:

General stability: Stability is shown in several ways. When it comes to social and societal stability, The National Association of Realtors “Social Benefits of Homeownership and Stable Housing” report shows that homeowners are happier and healthier. They tend to volunteer more, vote more, and contribute more to their neighborhoods. Reports show that people tend to stay longer in a home they buy versus a home they rent. Buying a home requires confidence you plan to stay there for several years. 

Financial stability: Another aspect of stability is financial stability. A fixed-rate mortgage means you’ll pay the same monthly amount for principal and interest until the mortgage is paid off, unlike rent payments, which could fluctuate after lease contracts expire. 

Long-term investment: Based on market stats, the average price of a home in Tulsa market as of April 2021 is $238,772, which is 28% more than 2020 and 33% more than 2019. So, more than just the value of the home itself, the land on which it sits can become more valuable over time. And instead of investing in a property management company through your rent payment, you are investing in an asset for yourself. 

Building equity: Your equity in your home is the difference between what you can sell it for and what you owe. The equity grows as you pay down your mortgage. Over time, more of what you pay each month goes to the balance on the loan rather than the interest, building even more equity. When you rent a home, you aren’t building any equity at all. 

Peace of Mind Knowing Your Home is YOURS: Since you own the property, you can renovate it to your liking, a benefit of home ownership that renters don’t get to enjoy. You can upgrade appliances, renovate entire rooms, or even add on! Subject to the approval of some HOAs, the opportunities are endless when it comes to making your house feel like a home. And any updates made to your home are in turn building that equity more and more.

Homeownership is more than just paying a mortgage and taking care of a property. It’s beneficial to your health, your livelihood, and your finances. And anyway, aren’t cookouts and yard work more fun in your OWN home? If you’d like information about homeownership and where to start, our team is here to help! Visit our website to start searching for a home or call us for more information about homeownership at 918-550-9243 today!