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Becoming a Homeowner - Now What?

planningMillions of Americans became first-time homeowners last year. Like graduating or getting married, this life-changing event will usher in a new chapter in their lives. Once new homeowners have their house keys in hand and prepare to move furniture into their new place, one question they may find themselves pondering is, “What happens now?”

One major advantage new homeowners will enjoy is the ability to personalize and decorate their house; renters are often restricted in this respect. Walls painted in a rented home will likely need to be repainted in their original color when the renter moves. Remodeling the interior is an investment a renter will never recoup. By contrast, homeowners have the freedom to customize their home to express their personal style. Investing in remodels and upgrades will often pay off in the long run.

If you’re looking for ideas on what to do with your home, websites like the National Association of REALTORS® can provide tips, and HGTV can provide home improvement advice and how-to’s that can inspire homeowners and help them maintain and enhance their home’s value. Be prudent when remodeling a home and consult your REALTOR® who can tell you what your return on your remodel investment means to your home’s value. If you decide that you want to go wild with your color choices, just remember that if you decide to sell, you may need to repaint with neutral colors in order to get the best response from potential buyers.

Closing on a property for the first time is a tremendous accomplishment. It represents the hard work and responsible choices of the new owner. When you invest in your future through homeownership, the possibilities are endless. can help both new and seasoned homeowners take full advantage of the opportunities that owning a home offers to people.

On the financial end, by making one extra payment on your mortgage per year you can not only shorten the life of your loan, but you will save substantial money that you would otherwise pay on interest. The decision to make additional mortgage payments will help you build your financial future.

Over the long-term, owning a home helps people dramatically increase their net worth. The most recent data from the Federal Reserve Board shows a homeowner’s net worth is 46 times that of renter’s. In short, homeownership is how many American families begin to accumulate wealth.

Even given the challenges of today’s market, people who bought within their means with the intent to stay in their homes for more than a few years have the opportunity to build financial stability into the future. A fixed-rate mortgage might last 15 to 30 years but renting goes on forever.

Home is a place of comfort and security. Homeowners do not move as frequently as renters so it encourages stability. Most people do not want to uproot their families and disrupt established friendships by leaving the community they’ve invested in so much both emotionally and financially. Homeownership isn’t for everyone, but for over 200 years millions of Americans have owned homes and have enjoyed the benefits. This has not only strengthened families, it has bestowed immeasurable benefits for individuals and the country as a whole.

So if you are ready to invest in your future, the community, and security that homeownership can afford, contact a REALTOR® with the Dayton Area Board of REALTORS® today. We will help you on the path to realize the American Dream.