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Although, individuals have specific, personal reasons, for wanting, to own, a house, of their own, after, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have come to believe, there are, at least, five, common reasons and motivations, most have, for wanting to do so. Since, for most, their house’s value, represents, their single – biggest, financial asset, doesn’t it make sense, to know, as much as possible, and proceed, wisely, and proactively, during this period? With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 of these reasons, many state, are the key ones, in – terms of, why they hope, to own their home.
1. The American Dream – Pride of home ownership: For many, their concept of the American Dream, includes home ownership! Personally, emotionally, mentally, etc, it often, makes a difference, in many people’s lives! There is, something, referred to, as the pride of owning a home (home ownership), and while, difficult, to, pin – point, exactly, what this means, and represents, it seems, there is an internal feeling, which makes a difference, for the better!
2. Tax considerations: Although, in some regions/ areas of this country, the Tax Reform Law of 2017, significantly minimized this, there are still, some tax benefits, to home ownership. If, an individual’s financial numbers, indicate, he would benefit, from itemizing, instead of taking the Standard Deduction, the ability to deduct, mortgage interest, real estate taxes, etc (although, real estate taxes are capped at $10,000), make home ownership, even, more attractive. After, all, we cannot deduct, any part of rent!
3. Build – up equity: Historically, real estate has been able to keep – up, with, and/ or, out – perform, the cost – of – living. When we rent, all the dollars, go to the landlord, and we build no equity! On the other hand, when we own, over – time, there is often, a significant degree of equity, created!
4. The ability to customize/ personalize: Renters are limited, when it comes to, being able to customize, and/ or, personalize their housing. Owners, within local regulations, and limitations, become able to, personalize it, to their taste, needs, goals, priorities, and aspirations!
5. Sense of belonging: Few renters feel any true sense of belonging, because, they are, merely, occupying, someone else’s premises, and paying, rent, to do so! Their leases are, generally, one, or two years, as opposed to, owning, where we have a sense of permanent – enjoyment, and belonging!
Most of us, like the feeling of owning a home, of our own! Know the advantages and disadvantages, and determine, what’s best, for you!
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