Why Buy a Home?
Pride In Ownership - Most people buy homes to have control over where they live. Although investment features are important, the psychological reasons for buying - the satisfaction of owning and freedom from paying rent are just as important. The National Association of Realtors conducted a survey of 6,000 homeowners and 2,000 renters and found that 76% of owners and 66% of renters considered pride of ownership an important reason for buying.
Dislike Paying Rent - Close to 7 in 10 renters say that they dislike paying rent, but more importantly, they desire an owner's ability to control and modify a home's features. "Make your home a reflection of YOU"!
Settling Down - More than 6 in 10 renters said "settling down' was an important reason to buy.
Good Investment - 76% of owners and 69% of renters said the investment aspect of ownership was important.
Long-Term Appreciation - People consider home ownership a good investment because they view it as a long-term venture. Historically, home prices have risen at relatively steady rates.
Leverage Investment - People borrow a great deal to buy a home, yet they receive the full benefits of price appreciation.
Source Of Savings - Home ownership always has and continues to comprise the single largest source of savings for American households.
Sacrifices Are Worth It - Almost 7 in 10 renters in the NAR home ownership survey said they planned to buy a home in the future. More than three-quarters of these people said they were willing to sacrifice to achieve their housing goals.
7 Reasons to Buy:
- Tax Deductibility of mortgage interest
- Tax Deductibility of Property Taxes
- Appreciation Potential
- Deferred Gain and Capital Gain Treatment
- Once in a Lifetime Exclusion
- Principal Accumulation
- You Can Enjoy It - Pride of Ownership