Sterling Properties

The market is a tough place for homebuyers, and has been over the past two years. But it’s important to remember what you’re fighting for — owning a home can have a tremendous impact on your day-to-day life.

Here’s how:

That sense of accomplishment.

You’ve dreamt of the perfect house since you were a headstrong teenager, desperate for independence. Since then, you’ve settled for barely-passable rentals, waiting for the opportunity to pursue that American Dream. When you sign your closing papers, the sense of accomplishment is palpable.

Locking in your monthly housing payment.

Sick of your rent changing from year to year? When you own a home, you lock in your interest rate upon approval. The only thing that changes are your tax payments — and there’s a cap on those.

In the state of Michigan, a property’s taxable value can increase from one year to the next by a maximum of 5 percent, until ownership of the property is transferred.

In this market, that means your taxable value (and, thus, tax payments) may increase significantly the first year, followed by nominal increases in the years to come. Still, far preferable to unpredictably changing rent.

Financial boon to your future.

Owning a home is likely one of the most important long-term investments you’ll ever make. Every payment goes toward an asset that, in most cases, will be worth more when you sell down the road — and you’ll get the money you’ve paid in back.

For example, if you purchase a home for $200,000 and live there for 10 years, paying off $75,000, and sell the home for $300,000, you walk away with a profit of $175,000 after paying off your mortgage.

Tailoring your home to your needs.

When you own a home, there’s no need to clear changes with a landlord. Gone are the days of approving paint samples, begging for new appliances, choosing utility companies from a list. Paint, alter, switch, decorate and furnish however you’d like — with as many pets as you’d like, too.

Excited for all this and more? Reach out to our team of experienced Realtors at 989-362-4585.