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The Wellness Trend in Today’s Homes

Paul Jamison of the Jamison Family of Companies speaks with Sandy Dickinson of Cross Country Mortgage about the wellness trend in today’s homes, renting vs. buying, and fees you pay when buying a home.

The Wellness Trend in Today’s Homes

Lots of people are getting into the wellness craze these days; everything from yoga to Peloton workouts to healthy cooking at home. People’s homes are now becoming a reflection of this popular wellness trend. Homes today can now be found with sensory gardens, focus on fitness (pickleball courts, shuffleboard, and badminton nets in backyards), high end art murals inside the home, beautiful pools (including cold plunge pools!), infrared saunas, and spas. It’s interesting to see how this wellness trend spills over into people’s actual living spaces.

Renting vs. Owning

There are both advantages and disadvantages in the decision to own or rent a home. When you understand the important differences (financial and emotional), you can make the best decision for you and your family on whether to rent or buy a home.

Advantages of Owning

There are several important advantages to owning a home. These include:

  • Building equity
  • Mortgage interest deduction on your tax return
  • Pride of ownership – you can do whatever you want to your home and your property
  • You don’t have to deal with a landlord
  • You can live house payment-free after paying off your mortgage
  • You can have any kind of pet you may want

Disadvantages of Owning

There are also several disadvantages to owning a home. These include:

  • Having to save money for a down payment
  • Potential decline in equity due to foreclosure or declining property values in the area
  • Paying for repairs that can be costly (roof, HVAC, etc.)
  • Additional costly expenses including property tax, insurance, etc.

Advantages of Renting

There are several important advantages to renting a home. These include:

  • No long term mortgage
  • Typically tenants pay rent and utilities only (no property tax)
  • Renting reduces your chance of messing up your credit
  • No major long-term commitment (you can easily move any time)
  • Limited repair responsibilities
  • Don’t have to worry about property value
  • Security deposit is lower than a down payment on a house

Disadvantages of Renting

There are also several disadvantages to renting a home. These include:

  • You don’t build any equity
  • You don’t get to take advantage of mortgage interest tax deduction
  • Annual rent increases (which can be quite substantial these days!)
  • You can’t do what you want without changing it back when you leave (cannot paint, cannot switch out light fixtures, etc.)
  • Often when renting, the landlord will specify “No pets allowed”

Make sure you fully understand both the advantages and disadvantages to either buying a home or renting a home. Your decision may change based on timing and circumstances in your life.

Fees You Pay When Buying a Home

When buying a home, the price of the home is not the only fee a buyer pays.  If using a lender, the buyer will incur closing costs, which typically run around $1,600. Such costs include fees for the following: credit report, appraisal, recording fees, real estate attorney, and title insurance. Typically, the seller pays the Realtor fees.

Benjamin Franklin portrait from us 100 dollars

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Paul Jamison of The Jamison Family of Companies, Jamison Realty, Jamison Property Investment and Jamison Property Management.

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