The Benefits Of Home Ownership
I was sharing a meal with a Millenial not to long ago and they told me they had saved up enough money to buy a condo. I got excited, I thought he was going to ask me if I could help him purchase his first home.
He went on to to explain that it was between buying a condo or his dream car. No worries, he is going to choose a condo over a car… right?
He then explained that he had just purchased his dream car. The choice was made. The car had already won.
This left me perplexed. Is the American Dream of owning a home, dying?
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” Franklin D. Roosevelt
Perhaps this is an isolated case and not the norm. But I thought I would share some benefits of home ownership, none the less.
6 Reasons Why You Should Buy The Condo
The feeling of owning your own home is unmatched. You can fix it up, make it your own, paint it, get a dog or three, plant a tree or take one down if you want. Doesn’t that sound exciting.
Home values have a well documented trend of going up over time. This increase becomes equity you can benefit from when you refinance or sell.
Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principle balance on your loan. This builds your equity and acts a savings account.
4. Tax Savings
The government rewards home owners by providing excellent tax incentives. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.
People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community.
Research shows that children of home owners earn higher test scores and graduate at a higher percentage than those of renters.
10 Steps To Buying A Home With A Realtor
STEP 1 – REPRESENTATION
STEP 2 – NEGOTIATING YOUR OFFER
STEP 3 – PURCHASE AND SALE AGREEMENT
STEP 4 – THE HOME INSPECTION
STEP 5 – TRANSACTION PROCESS
STEP 6 – LOAN COMMITMENT
STEP 7 – THE APPRAISAL
STEP 8 – TITLE AND ESCROW
STEP 9 – FINAL WEEK OF CLOSING
STEP 10 – POST CLOSING SERVICES