As the spring real estate market approaches and buyers start to plan out where they would like to purchase a new home, sellers look to agents to help them get their homes ready for sale. The search for a new home is one of the most exciting and stressful times for many Americans, as for many it is the largest investment they will make. It is also helping to fulfill part of their dreams as becoming a home owner. With becoming a home owner there are many benefits, such as having a place to call your own, there are monetary benefits such as tax breaks and non-monetary benefits such as the memories you will and can create in your new home. As interest rates are staying near record lows, for now, why not talk to a real estate agent about helping you find a home? Realty Times recently published an article about the benefits of home ownership.
Why Owning a Home Rocks
by Carla Hill
Homeownership has been part of the American Dream for centuries, and it's no wonder why. It rocks.
First, owning a home is an investment. No, it's not a sure-fire way to get rich-quick. It is a long-term investment. Over the course of many years, even through times of economic upheaval, you can build wealth over time.
An average appreciation rate during normal times is around 6.5 percent a year. That means if you buy a home for $100,000, in just ten years you will have a home that could feasibly sell for around $174,000.
During that time you build equity, as well. Equity is the value of your property minus what you owe. So even if you still owe $60,000 on your home after 10 years, you will now have $114,000 in equity. Many homeowners use this equity to take out loans to use for home improvement projects, such as adding on new additions.
Owning a home also comes with less tangible benefits. Studies have shown that it creates a sense of community, motivating community involvement. And family stability is manifested through higher graduation rates and lower crime rates.
When you own a home, you take control of the creation of your surroundings. You can paint, make updates, and style the home to your liking -- all things not possible with most rentals.
You have even further stability when you have a fixed-rate mortgage. A fixed-rate means your rate will never increase. This means you will know the cost of your mortgage for the life of the loan. There won't be any surprises, which is what caught many homeowners off guard during the sub-prime mess. And there aren't any worries about the cost of rent going up each year. You can budget for life!
Don't forget about those great tax breaks, such as deducting your mortgage interest, and tax credits, such as money back for making energy efficient upgrades!
And of course, just think of all the fun times you can have with your family and friends. Memories will be made that will last a lifetime!
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