Dayton Realtor President: Becoming a homeowner – now what?

Due to a revived housing market, tentative tax values will rise on more than 60 percent of Montgomery County residential properties. Sales of new downtown Dayton housing like Brownstones at 2nd helped residential values increase 6.3 percent from three years ago. CHRIS STEWART / STAFF
Due to a revived housing market, tentative tax values will rise on more than 60 percent of Montgomery County residential properties. Sales of new downtown Dayton housing like Brownstones at 2nd helped residential values increase 6.3 percent from three years ago. CHRIS STEWART / STAFF

Credit: Chris Stewart

Credit: Chris Stewart

Millions 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.

Sharon Geier
President
Dayton Realtors
Sharon Geier President Dayton Realtors

By contrast, homeowners have the freedom to customize the 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’ HouseLogic.com 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.

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. HouseLogic.com 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 your save yourself money you would pay on interest. If your situation allows, getting a 15-year mortgage can be even more worthwhile, saving you thousands of dollars over the life of the mortgage. Talk with your Realtor about your options or view an amortization schedule (easily found online). It’s a rewarding experience through which families build lives and memories, as well as their financial futures.

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 a renter’s. In short, homeownership is how many American families begin to accumulate wealth.

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 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, but also 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 Dayton Realtors today. We will help you on the path to realize the American Dream.

Sharon Geier is the Dayton Realtors President