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  • Ryan O.

Being A Homeowner

Facebook recently reminded me that I have been a homeowner for two years. It seemed like yesterday when my wife and I were signing our closing documents! Here are a few things that I learned...

Mortgage Rates

When we were looking at properties, mortgage rates were almost at 5%. When our offer was accepted, our mortgage lender informed us that rates went down. Rather than taking a gamble, we decided to lock in 4.65% at half a point.

Around 6 months later, mortgage rates dropped again. We decided to take advantage of the opportunity and we refinanced at 4%.

Just the other month, we completed our second refinance. As I have oftened blogged about, mortgage rates have hit all time lows. We refinanced again and we locked in 2.99%! Since our appraisal came in high and since we had minimal closing costs, our loan to value improved by 4%. More equity is always a good thing!

No one has a crystal ball. However, rates are still low. If you are determined to buy, you should do it now.

Home Maintenance

Being a homeowner requires a lot of responsibility. Let's not forget that your home is your castle. It will be beneficial if you map out a home maintenance plan every year.

Doing routine cleaning is one example. At the start of every month, you can wash your vinyl screens and wipe down the windows. Twice a month, you will vacuum, clean the fans, and clean the air conditioning filters. And once a quarter, you can snake your bathroom tub.

Another idea is to do preventative maintenance. Although our condo was slightly remodeled before we bought, there were a few items that I wanted to address. For example, I added a new water shutoff valve, I changed out the electrical breakers and a handful of outlets, and I installed a new p-trap for by kitchen and bathroom sinks. These are just some of the things I did.

If you are thinking about selling, doing routine and preventative maintenance will make things easier since your home will show better. Due to COVID, we're all stuck at home. Why not do some painting?

Owning > Renting

When you rent, you are paying someone's mortgage. When you rent, you are not building equity. When you rent, you are not building wealth. Many will agree that homeownership is the the path to building your wealth.



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