Pride in Owning: 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 the freedom from paying rent—are at least as important. In a recent National Association of Realtors (NAR) survey of 6,000 homeowners and 2,000 renters, 76% of owners and of renters considered pride of ownership an important reason for buying a home.
Dislike Paying Rent: Almost 7 in 10 home owners admit that their dislike of paying rent was an important factor in their decision to buy. Although renting offers a lifestyle that’s nearly maintenance free, it offers you no equity, no tax benefits, and no protection against regular rent increases. Writing a rent check is just like watching your hard-earned money slip away.
Good Investment: 76% of owners and 69% of renters said the investment aspect of ownership was important.
Tax Advantages: Property taxes and qualified home interest are deductible on Schedule A for itemized deduction.
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. For example, existing home prices rose an average of 4% per year between 1980 and 1992.
Leverage Investment: People borrow a great deal to buy a home, yet they receive the full benefits of price appreciation. In the long run, investments in homes greatly outpace inflation.
Source of Savings: Home ownership always has and continues to comprise the single largest source of savings for American households. Homeowners build equity and can borrow against it.
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 do that.
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