Benefits of Home Ownership

There has been much talk recently about whether Home Ownership has all of the benefits we’ve always believed it to have. NAR (National Association of Realtors) even did a consumer study on Americans Attitude about Homeownersip in January 2011.  Some of the findings were

•  The vast majority of both home owners and renters say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners and 72% of renters believe that over a period of several years, it makes more sense to own a home.

•  Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.

•  An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.

•  Most renters aspire to home ownership. The majority of renters (63%) say they are at least somewhat likely to purchase a home at some point in the future. Among them, young adults (18- to 24-years-old) have the strongest aspirations for home ownership.

To these, one might also add that homeownership gives a(an)

• Intangible sense of security and control over one’s life  
• The very tangle financial advantages of tax deductible mortgage interest
• A sense of pride in ownership & community
• Stable place to put down roots and  grow your family
• The Option of investing in your future.

Certainly the decision to become a homeowner is not something to be taken lightly. A sense of your financial security, continued employment and the desire to stay in your new home for a number of years (at least 2, preferably longer) are among the many questions you need to ask yourself. Also, are you willing and able to take care of your investment, because that’s what it is, an investment in your future with your money (and the banks) and your credit? Renting is often the correct choice for different people at various times in their lives. However, you feel that now might be the right time to become a homeowner, let’s talk- there’s no better time to get started than NOW.