Why Buy a Home?

Real Estate Agent with Fit Realty

You may have asked yourself this question, why buy a home? It is a justified question considering the horror stories out there about the real estate market crashing, foreclosures, and many people upside down in value on their home.

But with all that being said there are many reasons why buying a home is a good thing. First of all we should all recognize the importance of homeownership to the nation's economy. But let's look at some advantages for you:

1. Tax advantages-homeownership provides an excellent tax shelter.

2. Freedom-owning your own homes gives you more freedom and opportunity to create a living environment exactly how you want it.

3. Stability & Security-you are in control instead of the landlord

4. Interest Rates-are at an all time low.

5. Inventory-there are many homes choices out there.

6.Value-this is the time of great deals.

Let's face it, you've got to live somewhere so stop paying your landlords mortgage and start building for your future. Achieving the American Dream of homeownership is certainly a worthwhile goal.


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If you are interested in learning more about the Hampton Roads Area of Virginia Real Estate market including Chesapeake, Suffolk, Portsmouth, Virginia Beach, Hampton, and Newport News and surrounding areas give Dawn Crocker a call at 757-618-6905  No hassle, no pressure just straight talk about the local real estate market from a no nonsense point of view.

Check out www.thecrockerhometeam.com for more information.

Comments (1)

Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

There are cons and pros to everything, in this case: 

Ownership Advantages

  • You can build home equity and wealth
  • Sizable tax deductions possible
  • Your space, your rules (pets welcome)
  • Ability to remodel, expand, tear down
  • Pride of ownership (social status, accomplishment)
  • Potentially better for children, family structure
  • Mortgage payments can improve credit score quickly
  • Ability to borrow against home (HELOC or cash-out refi)
  • No more monthly payments once mortgage paid off
  • Fixed payments (if you choose a fixed mortgage)
  • Mortgages are the cheapest loans available
  • No landlord
  • Can exclude capital gains when you sell (up to $250k per owner $500k for 2 owners)
  • Inflation hedge
  • Can rent out to others
  • Retirement nest egg
  • It’s the American Dream!

Ownership Disadvantages


  • Home prices may lose value or buyer overpay for the property
  • Obtaining a mortgage (and finding a home) is a hassle
  • Not everyone qualifies for a mortgage
  • You must pay taxes and homeowners insurance
  • Total housing payment can be more expensive
  • Mortgage payment can rise (if an A.R.M.)
  • Down payment necessary
  • Maintenance costs can be excessive
  • Pricey HOA dues (if applicable)
  • You’re “stuck” in a home (long-term commitment)
  • Increased liability and responsibility
  • Transactional costs of buying and selling
  • Ownership can be stressful!
  • Taxes and insurance generally rise
  • Your home can be damaged or destroyed (and not fully insured)
  • Can be foreclosed upon.
Mar 13, 2017 01:48 PM