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Q&A
About
 Homebuying
Q&A
About
Home Maintenance
and Repair
Benefits
of
Home Ownership
Living
in Your
New Neighborhood
About
Home
Owner's Insurance |
Buying a home is a major life decision, and
owning a home a dream for many families. Owning a home brings many benefits
along with some new responsibilities. The following list mentions just
some of each that are commonly mentioned by participants in our homebuyer
training.
Benefits —
No rent. When you pay rent, you never see the money again. Paying
on your mortgage is different. You are building equity in your home. Part
of the money you pay each month pays the principal and interest on the
loan, but part is going toward your ownership of the house. So at the
end of your loan term, you'll have money invested in the home that someone
would pay directly to you if you decided to sell the house to him or her.
Freedom from noisy neighbors. In many cases, your own home provides
you with more privacy than rental living. For some people this translates
into a more quiet living environment, for others it's the ability to have
a garden or a garage for the car.
The ability change your home as you like. Always wanted a yellow
kitchen or a back porch? In your own home, you make whatever changes or
improvements you like. This benefit gives you more control over your living
environment, allowing you to make adjustments as your family changes or
just as your personal taste dictates.
Some of the new responsibilities you'll see as a homeowner include being
responsible for maintenance and repairs on the house as well as being
involved in your neighborhood and carrying homeowners insurance.
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