Owning Your Own Home

Home ownership is the essence of the American Dream. We are raised to believe in the value of real estate and to recognize home ownership as a sign of success. It is also the most momentous financial decision we’ll make. According to the Bureau of the Census, about 60 million Americans own and live in their own homes, condos, or co-ops.

Without a doubt, owning your own home can provide great personal satisfaction, a feeling of pride, and a sense of success. Home ownership represents visible evidence of financial and personal accomplishment; it’s a sign that you have “made it.” The sense of security in owning your own shelter is nothing to be scoffed at either. In fact, most home buying is largely motivated by these kinds of intangible benefits. In addition, some of the tangible benefits of home ownership include tax deductions, increasing property values, and a fixed housing cost. All of these are strong financial incentives for home ownership.

Whereas the rewards may eventually be substantial, the actual process of home buying can be long and arduous. Initially, the search for a suitable, affordable home can be exhausting and time-consuming, and negotiating the right price, mortgage terms, and other contractual conditions can be full of pitfalls for the novice home buyer. Real estate agents and attorneys can be a big help in this regard, especially with home inspection and the intricate closing procedures that require a good deal of knowledge. Owning a home is a long-term financial commitment (as long as 30 years), and maintenance and upkeep of a house and grounds is a constant expense in time and money, usually far above the expense renters have to absorb. However, most homeowners will agree that it’s well worth the trouble.