Although people have specific personal reasons for wanting to own a home, after more than 15 years as a licensed real estate seller in New York State, I have come to believe that there are at least five common reasons and motivations, most have, to want to do it. Since, for most, the value of their home represents their main financial asset, doesn’t it make sense to know as much as possible and be smart and proactive during this period? With that in mind, this article will briefly attempt to consider, examine, review, and discuss 5 of these reasons, which many claim are the keys, in terms of why they expect to own their home.
1. The American Dream – Pride of Homeownership: For many, their concept of the American Dream includes home ownership. Personally, emotionally, mentally, etc., it often makes a difference in many people’s lives! There is something referred to as the pride of owning a home (home ownership), and although it is difficult to pin down exactly what this means and represents, it seems that there is an internal feeling that makes a difference, for the better. !
two. Tax considerations: Although, in some regions/areas of this country, the Tax Reform Act of 2017 significantly minimized this, there are still some tax benefits to home ownership. If an individual’s financial numbers indicate that they would benefit from itemizing, rather than taking the Standard Deduction, the ability to deduct mortgage interest, property taxes, etc. (although property taxes are capped at $10,000), the property even more attractive. After all, we can’t deduct any part of the rent!
3. Accumulated capital: Historically, real estate has been able to keep up with, and/or exceed, the cost of living. When we rent, all the dollars go to the landlord, and we do not create capital! On the other hand, when we own, over time, a significant degree of capital is often created.
Four. The ability to customize / personalize: Tenants are limited in being able to personalize and/or personalize their home. Owners, within local regulations and limitations, can customize it to their tastes, needs, goals, priorities and aspirations!
5. Sense of belonging: Few tenants feel a true sense of belonging, because they are simply occupying someone else’s premises and paying rent to do so! Their leases are typically for one or two years, unlike ownership, where we have a permanent sense of enjoyment and belonging.
Most of us like the feeling of having a home of our own. Know the advantages and disadvantages and determine what is best for you!
