Why Owning a Parkland Home Makes Cents

Owning a home is a large piece of the American dream. However, in the recent past, home prices around the country (including in Parkland and Coral Springs) skyrocketed so much that many people found renting a much more affordable option. Well, that has now changed. In fact, studies show that rents have gone up around 5% in the last 12 months and are set to go up another 5% in the next 12 months. With home prices continuing to hover in the "affordable" range, banks loosening up their lender's belts and interest rates remaining at all-time lows, there are several reasons why owning a Parkland home makes good dollars and cents.

As an owner, you can build up equity in your Parkland home. As a renter, you don't have this option. Equity is the difference between what you owe on your home and what it is worth. As you pay down your mortgage, your principal goes down. Parkland area homes are already seeing prices level out and start to head up slightly. As your principal decreases and your home's worth increases, so does your equity. You can continue paying rent on a property for years and never have any equity to show for it.

As I said before, rents are on the rise. That means it will cost more for you to pay a rental fee for someone else's mortgage. And that rise won't stop. Typically, when a lease agreement is done, a monthly increase takes affect. However, when you own a Parkland home, that isn't the case. As long as you purchase your property with a fixed rate interest loan instead of an ARM (adjustable rate mortgage), your payment will stay the exact same amount for the entire life of the loan. Of course, this doesn't include your taxes or insurance.

Help build up your credit by paying your monthly mortgage on time. Since buying a Parkland home is probably the most significant financial purchase you will make, it has a serious effect on your credit score. Paying your mortgage on time shows banks that your are a financially responsible individual, making you seem much more credit-worthy. A higher credit score means a lower interest rate for credit cards, car loans and other situations where borrowing money is required.

One of the best reaons to own a Parkland home, aside from the fact that it is such a beautiful place to live with wonderful people residing here, is that you are your own boss when you are the homeowner. You get to decide whether to paint your walls, add wallpaper or even create a mural if you feel artistic. You can change fixtures, hardware, cabinets, etc, without having to ask for someone else's approval first. Of course, if you live in an HOA, there are certain rules and guidelines you must follow for the exterior of your home. But you are still your own boss.

Owning a Parkland home truly does make good dollars and cents. When you decide to look for a home in the Parkland area, why look any further? I can help you find exactly what you want so you can stop renting and start owning! Why would you want to hire another agent when I know the Parkland and Coral Springs area so well? Just contact me soon.

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