A New Generation
I was talking with the son of a friend of mine this past week on the benefits of homeownership and I realized that many younger people just don’t realize all that can be gained from owning a home. With the mortgage meltdown of 2008 fresh in everyone’s mind I can’t help but wonder the effect it may have had on the children at the time and how their beliefs were shaped as they become adults. Many saw their parents struggle with foreclosure and short sales and it has shifted their beliefs on what it means to own a home.
The benefits of homeownership are many. For one, it’s an investment. Owning your own home can be your greatest long-term, rainy day nest egg for retirement. History has shown that buying a home in Ventura County has provided long-term, financial security as appreciation in the values has steadily increased. Markets can fluctuate but it is not uncommon to see my clients double and triple their investment within a short period.
There are tax benefits to owning your own home including monthly mortgage deductions that will save you money on your taxes as well as a benefiting from a substantial Capital Gains tax relief when selling the home. Over the long run you’ll have a sizable investment that can be used for retirement funds or passed down to the next generation.
Owning your home means that you won’t be subject to a landlord raising rents or deciding to kick you out of the house. You can live there indefinitely. Ownerships gives you the ability to modify the property, change the look and design of the home and make it personal to you.
You can establish your roots in the community and know what schools your children can attend without worries of being forced into an unplanned relocation to another area. Being involved in your community activities is more meaningful when you have an ownership stake in the neighborhood.
Pride of Ownership
Over the years I have been very fortunate to help so many families purchase their homes here in Ventura County. I see the pride my clients have when they show me the improvements and changes they’ve made to the property. There is nothing like the experience of creating an entirely new space in your home and to then show it all to your friends and family. The sense of satisfaction can last for years. Renting a home can never match the tremendous benefits of homeownership.
History Repeats Itself
A more predictable, stable and healthier quality of life can be had with owning a home. The benefits can last for years. History has proven that over the long run you will gain much more than just a roof over your head by taking the plunge into homeownership. If you need assistance getting started in purchasing your first home be sure to reach out to me and we can work together to help you with the process.