Benefits of Home Ownership
Personal GrowthA special sense of security and satisfaction comes as you begin to put roots down in a neighborhood. Over time, you may become more involved in your area and the decisions surrounding your community. Children whose families own their homes are far less likely to transfer schools, giving them lasting support and stability in these formative years. The predictability of home ownership allows for long term planning in all facets, including family planning, career paths, and financial goals.
Financial BenefitAccording to National Association of REALTORS® (NAR), "77% of homeowners say [home ownership] helps them achieve long-term financial goals". On average, a homeowner's net worth is 34 times that of a renter's. Your home purchase is not only an investment in your future; it is a powerful tax benefit as well. You can deduct both property taxes as well as mortgage interest from your annual income taxes. Furthermore, homeownership protects against inevitable rent inflation. With a fixed-rate mortgage, your monthly payment will not change for the term of the loan.
Building EquityThrough home ownership, the money you pay for housing every month will be an investment in your future, not someone else's. Each mortgage payment you make builds equity. When you sell, you collect the equity as profit and this can help you transition into your next home. Life can be full of surprises and home ownership can help relieve the burden of unexpected financial needs. Home equity loans allow you to borrow at a rate which is generally lower than those available on personal loans. Paying on and ultimately paying off a mortgage is an excellent way to establish a good credit rating and prove financial stability. As with any investment, the market may fluctuate and returns on investments will vary. Consult your accountant for a thorough look at economic forecasts.
Pride of OwnershipPerhaps the most intangible, yet powerful advantage is pride of ownership. A home gives you and your family a feeling of stability and commitment. You will be able to personalize each room as you like, have a pet, and make improvements to your property. You gain privacy and the freedom of expression. According to NAR, "88% of current homeowners report that owning a home has been a positive experience."
Whatever your reason for wanting to be a homeowner, let Town & Country Realty help you navigate this process and find the perfect home for you and your family.