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Do
you ever lie awake at night wondering about whether to take the
plunge and purchase your first home? Before you lose any more sleep,
take a moment to consider the benefits of homeownership.
Pride
of Ownership. Owning your own home can increase self-esteem and personal pride.
The satisfaction that comes from feeling connected to the land you
occupy and the home in which you live is ages-old. Few
accomplishments in life are as enduring or enriching as the
experience of owning in your own home.
Tax
Benefits.
In the
United States
, the cost of home mortgage interest and property taxes is usually
tax deductible. For many homeowners, they see tax benefits as the
principal financial benefit of home ownership. Depending on your
circumstances, you may save a considerable amount in taxes. Of
course, you should always consult a real estate professional, tax
specialist or investment advisor about your specific circumstances.
Investment
Appreciation. No one can guarantee if or how a property will appreciate. If the
value of your home increases to the point where you can sell it for
more than your purchase price, that difference in value is called
appreciation. You can reinvest that appreciation in other real
estate or you may want to downsize and keep the value of that
appreciation for retirement or other purposes.
Building
Equity.
When you own your own home, you "pay rent" to yourself
instead of a landlord. Most homeowners pay for the property by
obtaining a mortgage. As you pay off that mortgage, your equity
builds and you gain an increasingly larger share in a valuable
asset.
Financial
Predictability. When you buy a home with a fixed-rate mortgage, you have more
predictability over future housing costs. Because your interest rate
never changes, the amount of your payment never changes, unlike rent
payments that can be periodically raised.
Decorating.
Homeowners are free to redecorate, remodel and accessorize a home to
suit one's taste and lifestyle. The benefits of homeownership are
not only that you have the right to make improvements but that the
value of those improvements becomes yours as well.
Family
Stability. Almost half (45%) of all homeowners stay put for eight or more
years (according to the 2000 National Association of REALTORS ®
Profile of Home Buyers and Sellers). By living in one place for an
extended period of time, children are more likely to be raised in a
stable environment. Advantages of this include a consistent
educational experience, ability to form long-term relationships, and
the child's overall emotional security.
Privacy.
While there are usually some limits on the access that landlords
have to property, almost all landlords can access your property for
necessary inspections and maintenance. Homeowners, on the other
hand, generally have much stronger property rights and experience an
increase in perceived and actual privacy.
So
why sit up late at night and worry? As you can see, there are many
good reasons to act on your desire for homeownership now.If
you have questions about this or any other home buying or selling
subject, confer with the real estate professionals who can help
provide you with more detail…
We
can be reached at (310) 265-2130
Prudential California Realty is an independently owned and operated
member
|of The Prudential Real Estate Affiliates, Inc., a Prudential
Financial company.
Equal Housing
Opportunity
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