Homeownership is different things, for each individual! For some, it represents the fulfillment of one of the key elements of the American Dream. Others focus on a better way to meet their individual and / or family needs, goals and priorities. In other cases, the decision becomes a financial and / or economic decision, as either owning a house or owning it creates a necessary tax benefit, or savings, or a reasonable investment, over renting, where all monies spent, simply go to your landlord. For the vast majority of Americans, the value of their home is their only and greatest financial asset. With these things in mind, this article will attempt to briefly review, review, review, and discuss some of these essential aspects and considerations of homeownership.
1. American dream: Either way, the American Dream means, for most people, the fulfillment of an individual, and the acquisition of one's own home, is often personally satisfying and meaningful! Some look at it pragmatically, while others see it as a necessary achievement, in order to see oneself, personally, on the road, to success, whatever that means, for each individual.
2. Family / personal needs: When we consider our family and / or personal needs, most of us are looking for the best way to go, what is best, for the needs, goals and priorities of our loved ones! When we own, rather than rent, we have the opportunity and the ability to personalize it and / or personalize it, to better serve what is specifically needed and desirable! Some are looking for some kind of kitchen, bathrooms or other special spaces that they feel, make their home, their home. It is only by owning that it becomes possible.
3. Economic / financial considerations: Even though the tax reform legislation, reduced some tax deductions and expanded standard deductions, mortgage interest, for the most part, remains deductible. By reducing tax obligations, home ownership often becomes more affordable than renting. Although, in some higher tax states (known as SALT), the cap, on local and state taxes (at $ 10,000), makes owning less attractive than before, deducting tax. A portion of the property taxes becomes a benefit, from home ownership. When we rent, everything we pay goes to the landlord and we don't experience any financial or economic benefit in the longer term. Owning a home, over time, is owning an asset, as well as a home!
Obviously, each individual has somewhat different reasons for wanting or not wanting to own a home. Regardless of what you are, it is important for you to know and understand better what best meets your needs.