Reasons To Own A Home

Have you ever found yourself weighing the pros and cons of owning a home? I think there comes a point in life (if it hasn’t already) when we all start to consider homeownership. While it may seem like a large expense up front, it’s important to understand the overall value that comes from taking such a significant step.

According to the annual National Housing Survey in 2003 conducted by Fannie Mae, more than four out of five Americans – 84 percent – think the main reason to own a home is that it is a good long-term investment. This belief still holds true in 2009, and there are four main reasons why: lower taxes, an asset that goes up in value, tax-free profits if you decide to sell, and stable expenses (as opposed to fluctuating rent payments).

Even if there were no tax advantages or profits to owning your own home, there is another good financial reason to buy if you can afford to: you’ll have a solid asset to show for the money you would otherwise spend on rent. Coming from this point of view, buying a home is like putting extra money in a savings account. Moreover, you’ll have the enjoyment and sense of security that owning a home brings.

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