Why own a house

Owning a home improves stability for many people, which is a nice perk. Since buying a home is a long-term commitment and rather large investment, moving every few years is unlikely. Buying a home and turning around to sell a couple years later can be difficult since the amount of equity built after a couple years is relatively low. Not having enough equity in a home can lead to having to come out of pocket to cover the costs of selling a home or even worse, a short sale.

As you can see, owning a home comes with many great benefits! Owning a home is so much more than just having a place to live! Are you thinking about buying a home in Rochester NY?

If so, the above 10 benefits of owning a home are something to keep in mind and be aware of. Have questions about buying or selling a home? Ask Now! Here's the latest from the blog! Brighton Irondequoit Pittsford Penfield Webster. Gates Greece Hilton Henrietta Rochester. Get In Touch Kyle Hiscock.

Fair Housing Notice. Let's Talk Real Estate! I can help answer any tough questions you may have. Best time to call. Please fill in all fields! Request a call. They are the best! Contact Me! How Can I Help? Write a message below. Researchers find that not only do homeowners gain a sense of stability when they settle into their first home, but they also contribute to neighborhood stability.

A study compiled by researchers with the National Association of Realtors shows that homeowners move less frequently than renters and stay in their homes for longer periods of time. Between and , only 4. Researchers William M. Rohe and Leslie S. Stewart theorize that homeowners are more invested in their properties, and thus, their neighborhood, which makes for a more stable and close-knit community. In areas with a high turnover rate, it's hard to know your neighbors, much less trust them to pick up your mail or feed your cat when you're on vacation.

For those looking for stability and a neighborly ambience, homeownership might offer them what they're looking for. Have you ever wished you lived in one of those idyllic neighborhoods where you can borrow sugar from a neighbor and share a homemade pie with another neighbor? If you're constantly moving from rental to rental, you probably don't get to know your neighbors very well, aside from the usual small talk you make in passing. Because most homeowners stay in their homes for longer periods of time, they're more likely to form relationships with their neighbors and are more invested in their community.

A study published in the Journal of Urban Affairs found that homeownership gives residents a platform to connect with neighbors and increases their social capital.

The reasons are simple - as a homeowner, you have a greater stake in your community and have the time and incentive to get to know your neighbors on a more intimate level. You won't find homeowners desperately looking for housing after receiving an eviction notice. Unless the bank forecloses on your house, your home is yours until you decide to sell it.

Each state has its own laws on tenant evictions, but in many cases a landlord can evict a tenant even when the tenant didn't do anything wrong. For example, in California, landlords can evict tenants if their family wants to move into the property or if they want to sell, destroy, or repair it.

Being a homeowner means that you'll never have to move because of factors outside of your control. Do you really want your neighbors to hear your child's morning meltdowns? Do your neighbor's TV sitcoms frequently keep you up at night? As any renter can attest to, sharing walls with other tenants can be awkward at best and annoying at worst. Aside from noisy neighbors, renters also have to deal with meddling landlords who have access to their private space. The privacy that homeownership can offer is priceless.

Owning your own home comes with more responsibilities and expenses, but the good news is that some expenses are tax deductible. Property taxes, private mortgage insurance premiums, energy-efficient additions to your home, and the interest that you pay each month on your mortgage can all be deducted from your taxes. Although you're on your own when it comes to maintenance and repairs, at least you can deduct a portion of your monthly housing expenses on your taxes - a benefit that renters don't have.

As a renter, you're basically living in somebody else's home and are subject to their petty rules and decorating whims. Want to install a shelf in your bedroom for your book collection? Better ask permission. Want to change the color of the living room? Forget it. Want to knock down a wall to make more space for your entertainment center? Also not going to happen. When you purchase your own home, you have more control over the redecorating and remodeling.

If you fantasize about customizing your dream house, purchasing your own home is the only way to make that dream happen.

If you're a homeowner in an up-and-coming neighborhood, then congratulations - your home will probably appreciate in value in the coming years. If you're a renter in an up-and-coming neighborhood, then you better brace yourself for the rent hikes that come with increased demand for housing. Trulia's rent monitor shows that rents increased by 6. In San Francisco, for example, rent prices rose When you purchase your own home, your monthly mortgage won't deviate too far from your first mortgage payment, although the percentage that goes towards interest and the principal will change over time.

With a fixed-rate mortgage, the interest rate is fixed from the time you sign the loan. If you opt for an adjustable rate mortgage, the interest rate may start out lower than a fixed-rate mortgage, but it will change depending on a specific index which is determined by the lender. Other factors that may increase your monthly mortgage payment are local property taxes which you have little control over and home insurance premiums. Your house is an investment and is most valuable when you're paying off your mortgage and building equity.

However, if you ever find yourself in dire straits, taking out a second mortgage on your home is an option that you would never have as a renter. When you take out a second mortgage on your home, you borrow from the equity you've already accumulated on your house, either with a home equity loan or a home equity line of credit.

The second mortgage is basically a second loan in addition to your original mortgage. Because you're using your home as collateral for the loan, the decision to take out a second mortgage should be one that you weigh carefully. If you default on the loan, the bank can repossess your house, making all your hard work for naught. According to the American Community Survey , more than 7 million Americans have taken out a second mortgage or a home equity loan. Common reasons that people take out a second mortgage are for major home repairs, the purchase of a second home, medical bills, or financing a child's college education.

Although taking out a second mortgage should be a last resort, homeowners have an advantage over renters because they can use their home equity if an emergency arises. Contrary to what you might think, owning one's first home isn't the end of the road for many homeowners.

Although homeownership is a long-term commitment, many homeowners go on to rent their homes when they purchase a second one, or even rent out extra space to other tenants. A portion of your payment each month will go to the principal of the loan. We are available seven days a week Skip to primary navigation Skip to main content Skip to primary sidebar [email protected].

A 3rd party broker that specializes in mortgages guaranteed by the US government. Facebook Instagram Twitter. Search here. House prices tend to rise over time; a home purchase is one of the best investments you can make. Sell your home when you please. The home will be yours. These types of changes are often impossible when renting but when you own a home, you can design it as you please 5.

Interest rates are currently low. Its forced savings. Pride of ownership. Owning your own home gives the owner and their family a sense of security and stability. Have as many pets as you want. Love your pets?