~A Place of Your Own~
Your home is your castle, as the old saying goes. A home is a place to call your own. Perhaps you are ready to settle down and want the feeling of permanence and involvement that comes with owning your own home. Perhaps you need more living space. Or maybe you want more freedom than you have in a rental unit to adapt your living space to your needs.
For many people, the motivation for home ownership is primarily financial. Owning your own home is a first-rate investment for a number of reasons:
Tax Benefits - Interest paid on a home mortgage is usually deductible - this is a tax advantage not available to renters.
Increased Value - Houses typically increase in value, or appreciate over time. The increased value is as good as money in the bank to the homeowner.
Stable Housing Costs- Rents typically increase year after year, the principal and interest portion of most mortgage payments remain unchanged throughout the entire payment period.
Even today, with the housing market so uncertain, with interests rates changing daily, people still prefer owning a home to renting. Home buyers are willing to wait 60 days, 90 days, sometimes longer for a third party approval on homes that are in foreclosure or where the seller is asking the bank for a short sale.
These are the people that still believe there are advantages to owning their home. They are in it for the long duration. They are the people that believe owning a home is important and worth the wait to get it.
For the people that I have talked to recently, they say the really just want place to call their own, a place they can go home to and find themselves.