12 Sep Owning a Home Still Tops the List In Minds of Consumers
It took the sheer force of nature to make Dorothy from The Wizard of Oz realize there was no place like home. It turns out that owning one’s home still ranks at the top of the list for most Americans, but why do consumers want to own their own home so bad? The reasons really aren’t that surprising; in fact, most are as old as the concept of home ownership itself.
It’s about choosing the color of their house. The flowers in their garden. The contents of their garage. Except for those things controlled by the neighborhood HOA and, in some places, local historic preservation codes, homeowners have free reign over the homes they own and are free to what they wish in remodeling, decorating, and customizing.
Putting a dollar into your own pocket is always preferred over putting it into your landlord’s pocket. Your house becomes one of the largest pieces of your portfolio, and with a little TLC, homes can be passed along through generations.
When we provide our families with a safe, comfortable place to call home, we have pride in ourselves for living up to our responsibility. We see ourselves as a successful parent and spouse, and contributing to a better community.
While paying mortgage interest and real estate taxes, U.S. taxpayers save a considerable amount on their taxes each year when owning a home. Even though improvements and repairs on a primary residence are not deductible, these costs add into your basis when you sell the house. The more basis you have, the lower your capital gains!
Everyone needs a place to live.
While navigating the waters of real estate may seem scary at first, the rewards – both financial and psychological – are immeasurable. Follow the yellow brick road to your own slice of the American dream.