What Does Owning a Home Mean to You?

grow-home-equityThe National Association of Realtors revealed the 2 major reasons Americans want to own a home instead of renting are:

  1. People want the opportunity to build equity.
  2. People want a stable and safe environment.

Building Equity

A recent article by The Mortgage Reports stated, “buying and owning a home is the essence of ‘The American Dream.'” Every month, a portion of your housing payment goes toward paying down the principal balance on your home, thus building home equity.  You are building your personal wealth, instead of a landlord’s wealth if you are renting.

History has shown that home ownership is a path to wealth-building.

Family Stability

Does owning your home really create a more stable environment for your family?

A survey of property managers conducted by rent.com disclosed two reasons renters should feel less secure with their housing situation:

  1. 68% of property managers predict rents will continue to rise in the next year by an average of 8%.
  2. 53% of property managers said they are more likely to bring in a new tenant at a higher rate than to negotiate and renew a lease with a current tenant they already know.

The uncertainty of renting is obvious.

Real Estate Bottom Line

Home ownership offers many beneficial advantages over renting.  Let’s discuss your personal situation.

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