
5 Benefits To Homeownership That Should Be At The Top Of Your List
5 Benefits To Homeownership That Should Be At The Top Of Your List. Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”
- Homeownership can help you build equity over time.
- Your monthly payments will remain stable.
- You may have some tax benefits.
- You can take pride in ownership.
- Homeownership improves your community.
Let’s expand on each of Freddie Mac’s points:
Homeownership can help you build equity over time.
Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun reported that now the net worth gap is 45 times greater.
Your monthly payments will remain stable.
When you purchase a home with a fixed rate mortgage, the majority of the payment (principle and interest) remain constant. On the other hand, rents continue to skyrocket. Your housing expense is much more stable if you own instead of rent.
5 Benefits To Homeownership That Should Be At The Top Of Your List
You may have some tax benefits.
According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership.
Here are four items from the Briefing Book:
- Mortgage Interest Deduction
- Property Tax Deduction
- Imputed Rent
- Profits from Home Sale
You can take pride in ownership.
Most surveys show that a major factor in purchasing a home is the freedom you have to design the home the way you want. From paint colors to yard accessories, you don’t need a landlord’s permission to make the house feel like a home.
Homeownership improves your community.
The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study explained:
“Homeownership does create social capital and provide residents with a platform from which to connect and interact with neighbors…Owning a home means owning part of a neighborhood, and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors.”
Bottom Line
There are many benefits to homeownership. That is why it is still a critical piece of the American Dream.
Call Us Now To Sell Your Home…
Office: 909.985.9392 or Text Us: 714.657.6634
[gravityform id=”15″ title=”true” description=”true”]
National Association of REALTORS Data Shows Now Is a Great Time to Sell!
National Association of REALTORS Data Shows Now Is a Great Time to Sell! National Association of REALTORS Data Shows Now Is a Great Time to Sell! We all realize that the best time to sell anything is when demand is high and the supply of that item is...
75% of Homeowners Think Now is a Good Time to Sell Your Home
75% of Homeowners Think Now is a Good Time to Sell Your Home! 75% of Homeowners Think Now is a Good Time to Sell Your Home. The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market...
Buyers Market Pushing Luxury Home Sales to New Highs
Buyers Market Pushing Luxury Home Sales to New Highs We previously reported how a shortage of inventory in the starter and trade-up home markets is driving prices up and causing bidding wars, creating a true seller’s market. At the same time, in the...
2 Steps to Get the Most Money When Selling Your Home
2 Steps to Get the Most Money When Selling Your Home. Every homeowner wants to make sure they get the best price when selling their home. But how to…
This Tree-Lined South Claremont Neighborhood is Hot for Homebuyers!
This Tree-Lined South Claremont Neighborhood is Hot for Homebuyers! [Video] This neighborhood is tree lined with California “Live Oaks”, Crape Myrtle and Elms. Often over
Supply and Demand Problem Plaguing New Construction Builders
Supply and Demand Problem Plaguing New Construction Builders. Last week at the National Association of Real Estate Editors 51st Annual Conference, CoreLogic
Do You Know How Much Equity You Have in Your Home?
Do You Know How Much Equity You Have in Your Home? If you are one of the many Americans who is unsure of how much equity you have built in your home…
4 Great Reasons To Buy A Home This Summer
4 Great Reasons To Buy A Home This Summer. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer
Things to Consider When Selling Your House Summer 2017 E-Book
Selling Your House Summer 2017 E-Book. Here are five reasons listing your home for sale this summer makes sense. 1. Demand Is Strong
69% of Buyers are Wrong About Down Payment Needs
69% of Buyers are Wrong About Down Payment Needs. Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the…
If Your Home Hasn’t Sold Yet… Definitely Check the Price!
If Your Home Hasn’t Sold Yet. Definitely Check the Price! Home sales have bounced back solidly and are now at their fourth highest pace over the past year.
5 Reasons Listing Your Home For Sale This Summer Makes Sense
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority…
What Would You Sacrifice to Save For Your Next Home? [INFOGRAPHIC]
What Would You Sacrifice to Save For Your Next Home? [INFOGRAPHIC] The answer to this question about sacrificing will surprise you…
Six Tips to Sell Your Home Fast and For Top Dollar
These six tips to sell your home fast, for top dollar will improve your property’s appearance to buyers and facilitate a quicker sale.
Can Your REALTOR Answer These Important Questions?
Today, there are many questions your real estate agent must be able to answer to ensure your family is making the right decision. Here are just a few:
#1 Reason to List Your House for Sale, NOW!
#1 Reason to List Your House for Sale, NOW! The chart below details the year-over-year inventory shortages experienced over the last 12 months:
Housing Inventory Challenges Causing Home Sales To Slow
Housing Inventory Challenges Causing Home Sales To Slow: New home prices slowed as builders have started to turn their focus toward single family, smaller
Six Tips To Sell Your Home Fast!
Six Tips To Sell Your Home Fast! Money is well spent on these six areas of your home to enhance the appearance and facilitate a quicker sale