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If you consider Pittsburgh Homeownership, you may wonder if now is the right time for you. There are some reasons that renting may be a better option for a few, but there are many more benefits to owning a home.
Let’s take a look at some of the benefits of Pittsburgh homeownership:
Financial Benefits
A home purchase is one of the most significant financial investments one will make in their lifetime. The benefits of investing in a home are:
Strengthening Credit
Making your home mortgage payments on time consistently will build your credit rating, which allows you to obtain other types of credit like purchasing an automobile or investing in other properties. In addition, as you pay down your mortgage, your credit score will increase.
Fixed Housing Cost
A fixed monthly payment helps you budget your monthly income more consistently. Your landlord can increase your monthly payment at determined intervals when you rent. With a fixed-rate mortgage, your principal and interest payment remains the same throughout the life of the loan.
Equity
Each month, a portion of your mortgage payment pays down the principal amount. Equity is the difference between what you owe and the current value of your home. Over time, appreciation and lowering of the principal amount will increase the equity. You may be able to leverage the equity for other financial needs.
Personal and Emotional Benefits
Our homes have become our havens, primarily through the pandemic. Unison recently published a report, State of the American Homeowner. This report discusses how homeownership has become more important to us through the pandemic.
Sanctuary
Our homes became our offices, schools, gyms, and even our churches and synagogues through the pandemic. Our homes are where we eat, sleep, and spend time with family.
Security
Many homeowners felt a sense of safety in their homes throughout the pandemic by controlling any potential exposure. As a result, people found refuge in their homes.
Importance
Our homes have gained more significance in our lives. More homeowners admit they love their home more now than they did pre-pandemic.
Social Benefits
Achieving the American Dream through Pittsburgh Homeownership has long been associated with success. But, owning your home also provides some social benefits.
Community
Living in a community provides a level of stability. Homeowners have a vested interest in keeping the community vibrant which contributes to maintaining property values. Many become involved in community organizations and government to better the livability of their neighborhood.
Financial Education
As homeowners gain the financial knowledge of homeownership, they are likely to pass this knowledge down through the generations. This unexpected benefit of homeownership can change generations as parents teach their children how to handle mortgage payments and all the responsibilities that come along with it.
Privacy
Community involvement is part of homeownership, but having a place to unwind in private is also a benefit many homeowners enjoy. You control when you invite others into your home and when you just need an evening of quiet enjoyment.
Everyone needs to decide what is right for them in their current situation. If Pittsburgh homeownership is something you would like to achieve, I would love to meet with you to help you decide if this is the right time.
Being an Accredited Buyer Representative, I will guide you through the home buying process as I’ve been a full-time realtor in our local Pittsburgh real estate market for the last18 years. Contact me by phone at 412-848-3907 or email at Kim.Esposito1@pittsburghmoves.com to schedule a free consultation to discuss your real estate needs.
