Home Ownership is an Investment in an Appreciating Asset

June is National Homeownership Month:

In 1995, “National Homeownership Week” began as a strategy of then-President William Clinton’s administration to increase homeownership across the nation. In 2002, President George W. Bush expanded the observance to the entire month of June.

Homeownership has tremendous benefits, but it can also take a lot of responsibility and costs to become a homeowner. As the owner of a home, you are responsible for repairs, taxes, paying all utilities, making on-time payments each month, and so forth. It is a long-term investment, and many factors have to be considered before deciding to buy a property.

Purchasing a home for the first time can be overwhelming, and you may not know where to start. Here are some tips for setting you on the path to buying a home:

1. Start saving for a down payment and strengthen your credit score

2. Research some homeowner assistance programs as these programs can assist with lower down payments and low-interest rate mortgages.

3. Ask people you know for any tips or advice to help you along with the process.

4. Pay for a home inspection.

5. Research neighborhoods, type of house, budget, etc.

6. Choose a good real estate agent.

What are some of the benefits of becoming a homeowner instead of renting?

1. It is yours! You own it!

2. Rent out for extra income

3. More privacy

4. Great investment

5. Stability

6. Complete control over house décor, improvements, etc.