Top Reasons to Own a Home

image of a pool typical for Scottsdale Luxury Homes

Home ownership is a good idea. Yeah, we are a little biased.  As Metro Scottsdale / Phoenix / Mesa Realtors we specialize in foreclosures, investments, luxury homes, and new home sales. If you are looking to buy a property or sell your home quickly we can help. If you want current and unbiased reporting on the housing market read our Housing Tracker.

Enough of the advertisements. Here is an article by Realty Times reporter Carla Hill. She makes good sense. We get to re post this because we’re paid subscribers to their service.

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by Carla Hill, Realty Times

Buyers all across the nation are making their dreams come true. They’re signing on the dotted line and grabbing hold of the keys to a family home.

Despite record low interest rates and enticing pricing, many potential buyers are delaying the decision to buy.

What’s keeping you on the sidelines?

Realty Times LogoLet’s take a look at the top reasons to own a home.

  • Building equity. Writing a check to the landlord is equivalent to lining their pocket with your potential equity. It is money you never get back. You’re paying for a finite amount of time — one month, one year, etc. Owning your own home means building equity. Each and every mortgage payment is going towards paying down a principal. The worth of your home, however, should continue to gain. The difference between what you owe and the value of your home is equity.
  • Predictability. Gas and grocery prices may rise, especially in the midst of this Summer’s tremendous drought in the American heartland, but a fixed rate mortgage is as predictable as they come. Your mortgage payment will be X amount for the life of the loan.
  • Tax Breaks. Uncle Sam likes homeowners! Did you know that you can deduct the interest you pay each year on your home loan? You can deduct the cost of your property taxes. Even making energy-efficient upgrades can be tax deductible.
  • image of a pool in a luxury homeAppreciation. Home prices are once again on the rise, up nearly 10 percent over 2011 prices. This means a home bought for $100,000 in 2011 could now be worth around $110,000! Over the years (real estate is a long-term investment) your home should gain value. If you decide to sell, you would be looking at a healthy profit! According to the National Association of Realtors (NAR), “The number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.”
  • Social Benefits. We’ve talked about the financial benefits of owning a home, but did you know that homeowners generally rate themselves as happier and healthier than their renting counterparts. Part of this is thanks to the stability that home ownership brings. Neighbors are more permanent fixtures in your life, meaning friendships that last for years to come. Children of homeowners are more likely to graduate high school and less likely to experience teen pregnancy. It’s all about creating a stable environment for the whole family. Home ownership can be a great way to secure future financial security and freedom. So, what’s stopping you from getting into the market? This big purchase comes with lots of perks and there’s never been a better time to buy.

Published: October 31, 2012

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Metro Scottsdale / Phoenix / Mesa Realtors specialize in foreclosures, investments, luxury homes, and new home sales. Want to buy a property or sell your home quickly? We can help.