Ignite FB Tracking PixelKnow the Values of Homeownership - Tom Benoit & Associates
Know the Values of Homeownership

by Tom Benoit & Associates 05/12/2019

You’ve never owned your own home and your thinking about buying. Transitioning mentally from renter to owner can be confusing at times. As a renter, you haven't had to deal with the ins and outs of owning your own home, and as you examine the reality of ownership, it can seem like it involves more cons than pros. You have to take care of all maintenance, repairs, insurance, upgrades and more. With all the added work to maintain only to one day resell your home, it might not seem worth it. So why is buying a good idea? Here’s why!

Consistent monthly payments

As a renter, you constantly are subject to rent increases. Depending on your city or neighborhood, this might be a small percentage annually (if your rental unit is under rent control), or an annual increase determined in your rental agreement. In many cases, your rent is subject to your landlord’s discretion at the end of each term of your lease, and if the property value and quality of living go up in your neighborhood (as you hope it does), it could price you out of your favorite living space. When you choose to purchase a home, you make a longer commitment, but your monthly payments are guaranteed to be the same throughout the repayment of your fixed-rate mortgage. Living with no surprise changes allows you to set budgetary and lifestyle goals further into the future, and the certainty to achieve them.

Equity and future cash flow

Yes, you will likely need to take out a loan to purchase your own home. The upside to ownership is that every mortgage payment you make increases the percentage of equity you have in your home. When you rent, you are only paying toward the term of your lease and the owner of the rental property gains all the equity. Investing in your own property helps your financial stability for the future. The more equity you have, the better your net worth and the more you can invest in other properties or goods. The more stake you have in your home, the more valuable it becomes to you when you want to sell your property in the future—to create cash flow, or to invest in a new home, other property, or your retirement lifestyle. 

Apart from the personal value of owning your own home—taking care of it, raising a family there, or starting a new life in your place—the investment can add even more value to your life. If you’re considering your first home purchase and aren’t sure about the commitment or investment value, speak with your local real estate agent for the best advice for you. Review your current means, your interests and abilities, and your life goals and let them help you make the right decision.

About the Author

Author
Tom Benoit & Associates

MEET THE BENOIT ASSOCIATES TEAM

TOM BENOIT - Tom Benoit is a licensed broker with Coldwell Banker Real Estate, the #1#1#1#1#1#1#1#1 real estate brokerage in Marin County and beyond. With years of previous successful sales experience, Tom began his real estate career in 1989,building his business not by cold calling or mass mailing, but by dedicating himself to client satisfaction. Today, Tom and Benoit Associates gets 85% of its business from referrals from satisfied clients and is recognized as an honest,hardworking leader in Marin County real estate.

In addition to being one of Marin County's most knowledgeable and productive agents, Tom is also a regular real estate educator and lecturer, teaching classes for agents within Coldwell Banker and appearing on radio programs such as KNEW's "Rock Roll and Real Estate". 

Always in the Top 2% Nationwide of successful Coldwell Banker agents, Tom has sold over 800 properties since 1989!

Additional Information about Tom: 

• Born and raised, in a family of six siblings, in Northern Indiana 

• Graduate of Purdue University; Alumni of Delta Chi Fraternity

• Hobbies include: photography; aviation; travel; fishing; movies; reading; and playing banjo & piano 

TONI BENOIT - Tom's wife, Antoinette "Toni" Benoit is a San Francisco Bay Area native and University of Southern California graduate. Toni has over 20 years of experience as a Realtor, is a member of the Marin and Sonoma County Boards of Realtors, and is active with the Women's Council of Realtors.

Toni assists in holding Broker and Sunday open houses and follows up with agents who have shown or previewed our listings. To increase exposure of each of our listings, Toni is also a member of Real Tours, a networking bus tour group consisting of the county's top Realtors from all brokerages who preview each other's listings, offering feedback and suggestions about how best to sell the property at the highest price possible. 

Complimenting her experience as a Realtor, Toni worked for years as a Certified Paralegal. Toni's legal experience and contacts make her a special asset with unparalleled experience compared to other Marin County real estate teams.

BEN KLUGMAN - Ben Klugman is a longtime Marin County resident, UC Berkeley graduate, and licensed Realtor who joined our team in 1999. Ben oversees office operations and is involved with every aspect of what we do. He prepares CMA research and listing presentations, assists in creating marketing plans and materials, holds open houses, shows homes to buyers and assists in preparing properties for sale. Ben provides seamless service to our clients throughout all transactions by closely monitoring and coordinating each step forward, ultimately ensuring that each of our client's specific needs are met. Ben's professionalism, knowledge and dedication to excellent client service make him an integral part of our trusted advisory team.

What You Can Expect from Tom, Toni & Ben

  • You can expect us to treat your transaction as the most important one we've ever done and be very sensitive to the fact that it might be the most important real estate transaction you've ever done.
     
  • To ask you the right questions and listen "attentively" to your needs, wants and wishes, always putting your interests first.
  • We will strive for excellence in everything we do for you, and always be aiming to exceed your expectations.
     
  • You can expect us to be honest and candid, even if it might be something you don't want to hear.
     
  • If you should list your home with us, you can expect the most innovative marketing, so as to present your home in the best possible light, with "cutting edge" technology and always in a very professional manner.
     
  • Unlike a lot of other agents, we will return your calls promptly, and if you work with us, you'll find that we most often pick up every call. In other words, you will get a human being most of the time, when you call the office. We take pride in that "Old School" service.
     
  • We will always give you our best advice and constantly look after you, as though you were a member of the family.
     
  • We still keep a lot of "Old School" values such as being on time, doing what we day we'll do, when we say we'll do it.
     
  • We want you to feel like "First-Class Passengers" on our airline. We will never take you for granted.