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The Importance of Home Ownership

By Coletta Payne

Real Estate Agent with Sold It Realty Goup

November 07, 2011 12:36 PM

1. Equity. When you pay rent, you never see that money again and you have nothing to show for it. Buying a home has many initial costs but you will make that money back over time with equity. Historically, homes appreciate by about 4 to 6 percent a year, depending the economy. A home bought for $10,000 in 1960 is most likely worth 10 times that in today's market.

4. Ownership. Home ownership means you own your home. That comes with many perks! You can renovate, update, paint, and decorate to your heart's desire. You can plant trees, install a pool, expand the patio, and go heavy on the holiday decorating. The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet. If you are a creative, then it's time to buy a home and decorate it!

5. Now is the time. It's a great time to buy. Interest rates are at historic lows. We're talking 3.5 to 5.0 percent. This means big savings for today's buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a down payment, then it's time to make the move and buy a home.