Being a New Homeowner: What You Need to Know
Congratulations on buying your first home! Homeownership may present some challenges, but it also comes with many joys. If you’re ready to make the transition from renter to first-time homeowner, there are many reasons to be excited. What can you look forward to? Here, Segal & Morel, experts in custom home building in New Jersey and Pennsylvania, take a look at just a few of the many wonderful things you’ll love about homeownership.
Freedom and Privacy
As a renter, you’re always subject to your landlord’s requirements. These rules and requests are intended to maintain the property for current and future residents. However, it can be frustrating to deal with restrictions on gatherings, parking rules, and more. Just as frustrating are inspections and other required visits from your landlord, which encroach on your sense of privacy.
As a new homeowner, you’ll be free to enjoy your home on your terms without these intrusions. Homeowners get to make all the rules on what they do inside their homes, and no one will be checking in on you. You’ll have a new sense of freedom and complete privacy in your new dwelling with no one to answer to but yourself and your family.
Your Yard, Your Way
There’s no denying the importance of the home’s interior, but your outdoor spaces are just as important. Many renters don’t have a yard or other outdoor entertaining area. Others enjoy access to communal spaces, but these often come with restrictions.
Having your own yard is just one more thing to look forward to as a new homeowner. You can entertain who you want, when you want and how you want. And while you’ll always need to show courtesy to your neighbors and adhere to any local rules, you can enjoy the space however you like. From hosting a summer cookout to setting up a soccer net to compete with friends or family, the space is yours.
A Personal Touch
Renters don’t just face restrictions on shared areas – it’s also common for a rental agreement to stipulate how you can personalize your space. Many landlords forbid paint changes and ask tenants not to hang artwork, alter blinds and window treatments, and other cosmetic changes.
In contrast, customizing your own home presents limitless possibilities. You can decide to paint a bedroom, create a gallery wall, or arrange things in any fashion you prefer. That freedom extends to the home’s exterior as well. If you love outdoor seasonal decorations or wish to set up a conversation spot with a table and chairs, you’re able to make any choices you wish.
The Chance to Build Equity
While all of the reasons above are great examples of the joys of homeownership, there’s another important reason to build your own home rather than rent: equity.
When you pay your mortgage each month, you’re building wealth. If you choose to remain in your home once the mortgage has been paid in full, you’ll no longer need to make monthly payments. Instead, you’ll simply need to stay current on taxes, maintenance, and other typical homeownership costs. Should you decide to relocate or choose a new home that meets changing needs, the equity in your home will be returned to you as profit in the sale.
You can also borrow against the equity in your home. This can be a great source of financial assistance for those who need to pay medical expenses, finance a child’s education, or make changes to the home. You could even consolidate higher-interest debt by borrowing against the equity in your home. It’s important to seek a financial expert’s advice before borrowing against equity, however, to ensure you make the right decisions for your situation.
New Homeownership with Segal & Morel
At Segal & Morel, we know how exciting – and challenging – homeownership can be for first-timers. That’s why we’re dedicated to making the process easy so prospective buyers can focus on enjoying every moment. We build new homes in New Jersey and Pennsylvania with energy-efficient designs and top-quality products and finishes to make your homeownership dreams a reality. To find out more about becoming a new homeowner with Segal & Morel, contact us today.