Top Benefits of Homeownership
Despite today’s high interest rate environment, buyers see the benefits of homeownership beyond the financial aspects. Equity build-up, price appreciation, tax deductions and capital gains deferment notwithstanding, buyers understand the most important advantages to owning a home have to do with a sense of well-being.
Every homeowner remembers what it was like to buy their first property: it was an achievement to save for the down payment and qualify for the mortgage. It also involved a commitment to pay a huge loan for the next 30 years. Congratulations go to everyone who rose to the challenge–and the rewards were yet to come.
The control over one’s own lifestyle came into focus as each room found its purpose and every wall could be decorated as one saw fit. Over time, as lifestyles changed with a growing family, a successful career or an interesting hobby, the property became a reflection of the individual needs of its owners. It was also a refuge, when necessary, from the vagaries of the ever-changing world around them.
A keystone of democracy is a large middle class with a vested interest in stability and our country’s leaders have encouraged it with tax incentives to homeowners over the years. Homeowners are the rock on which our society is built and thrives.