HOME OWNERSHIP AND THE EMOTIONAL BENEFITS

Home-ownership has strong emotional benefits.

Homes are a place to feel secure, build a future and raise a family. There’s immense personal satisfaction in owning a home, and with home-ownership you can gain a sense of community through the neighborhood, schools and civic groups.

Beyond the emotional benefits of home-ownership, there are strong financial reasons to buy a home.

• A home generally builds equity over time through the combination of mortgage payments and appreciation.
• A portion of your mortgage interest and real estate taxes are tax-deductible.
• You may leverage your money — even though your down payment may be 20% of the home’s purchase price, you receive the full value of any appreciation.
• In many markets the cost of ownership can be less than renting.
• You may strengthen your credit with your ongoing and timely mortgage payments.
• You may pass on your home to your children.

And, as a homeowner, you are free to renovate, remodel, repair and repaint your property – you’re never dependent on a landlord to get the job done right.

Of course, the decision to buy a home vs. renting one depends on many personal factors including your financial health, job security, job mobility and more.

With the housing market recovering, confidence in home-ownership and real estate is improving. Potential buyers from millennials on up are trending away from rental properties and toward home-ownership.