5 reasons many give for wanting to own a home!

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 them, to want to do it. Since, for most, the value of your home represents your main financial asset, doesn’t it make sense to know, as much as possible, and proceed, smartly and proactively, during this period? With that in mind, this article will briefly attempt to consider, examine, review and discuss, 5 of these reasons, many claim, are the keys, in terms of why they hope to own their home.

1. The American Dream: Homeownership Pride: 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, which is known 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, there is an internal feeling that makes a difference, for the better!

2. Tax considerations: Although, in some regions / areas of this country, the Tax Reform Law of 2017 significantly downplayed this, there are still some tax benefits for home ownership. If an individual’s financial numbers indicate that they would benefit, by itemizing, rather than taking the standard deduction, the ability to deduct, mortgage interest, real estate taxes, etc. (Although real estate taxes are capped at $ 10,000), make home ownership even more attractive. After all, we can’t deduct any part of the rent!

3. Equity accumulation: Historically, real estate has been able to keep up with and / or exceed the cost of living. When we rent, all dollars go to the landlord, and we don’t build equity! On the other hand, when we own, over time, it often creates a significant degree of equity.

Four. The ability to customize / customize: Tenants have limitations in terms of being able to personalize and / or personalize their home. Owners, within local regulations and limitations, can customize it to their taste, 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 one or two years, rather than owning, where we have a sense of permanent enjoyment and belonging.

Most of us like the feeling of having a home of our own. Learn about the pros and cons and determine what is best for you!