Welcome to the official Blog of BuyOwner.com

BuyOwner.com buy sell trade rent

  • Home
  • About BuyOwner.com
  • Popular Posts

Risks & Rewards of Home Ownership

Sep02
2009
Leave a Comment Written by Shanna

housemoney

Any commitment carries with it risks, and that may never be more true than in the case of home ownership, which demands a hefty chunk of money, usually years of time and responsibilities that are unique and demanding. What are the risks involved?

Possible depreciation: After you purchase a home, its value could go down, based on factors out of your control such as the economy or the neighborhood or a surplus of properties for sale.

Life changes:
Unexpected life changes involving illness, job transfer, job loss, relationships or financial problems could result in your wanting a new location, but if you own a home, moving can be tricky. If the market is rocky, you might have a hard time selling, leading to complications or even delay with your move.

Added responsibilities: Unlike with renting, where the landlord is usually responsible for leaking faucets or busted pipes or broken appliances, home ownership puts you in charge of everything. Added responsibilities of maintenance, upkeep and bills can be a lot to manage, as well as a financial burden.

Despite all the risks involved, however, home ownership is still the dream of many Americans, and for good reasons such as these:

Investment: While each year is different, the truth is that, over time, median existing-home sale prices have consistently increased an average 6.5% each year from 1972 through 2005 and 88.5% over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In that way, owning a home is a little like a savings plan, with the key being time, which will make your money grow, while you reap the benefits of having a place to call home. It allows you to diversify your assets so that they’re not just in money markets or savings accounts, etc.

Freedom: Not only are your dollars are going towards something that’s yours, but home ownership allows you to have total freedom over your property, from paint to remodeling to lighting and more. Plus, while rents can increase every year, your mortgage can be locked at a specific rate, allowing you to maintain the same monthly payment over time.

Incentives: As a homeowner, you can deduct the interest you pay on your mortgage, your property taxes and some other costs involved in your property purchase. Plus, when you sell, you can take up to $250K as gain without owing taxes on it when you sell! All of this on top of the current incentive packages? It makes sense why the pros outweigh the cons and most people are taking a step towards home ownership.

Related Reading

  • 4 Ways to Save Money on Your New Home
  • Thinking about Investing in Real Estate?
  • Do You Know about the Untapped Potential in Your Home?
  • Build Your Dream Home on Vacant Land!
Posted in Buying Tips, Tips and Ideas - Tagged depreciation, home, home ownership, house, money, real estate, value
SHARE THIS Twitter Facebook Delicious StumbleUpon E-mail
Similar posts
  • Declutter: Taking the First Steps — You hear it time and time again. As a home seller, or ju...
  • Make Your Small Home Look Big — An abundance of homebuyers are choosing to downsize right...
  • Red, White & Blue! — The beauty of Independence Day, or more commonly referred...
  • Featured City: Deltona, FL — As part of a special feature at the Buy Owner Blog, we’l...
  • Florida Home Prices Dropping — According to a recent article at HousingWatch.com, Flori...
« Understanding Real Estate Commission
» Eco-Friendly, EPA-Approved Fireplaces

No Comments Yet

Leave a Reply Cancel reply

You must be logged in to post a comment.

About the BuyOwner.com Blog

Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

You can read more about BuyOwner.com here.

Article Archives

Buy Owner Links

  • BuyOwner.com on Facebook
  • BuyOwner.com Testimonials
  • BuyOwner.com Website
  • Twitter: Buy Owner

Blog Roll

Real Estate Top Blogs Real Estate Blogs - BlogCatalog Blog Directory Add to Technorati Favorites Find the best blogs at Blogs.com. Blog Directory Home Improvement Blog Directory

Subscribe

Enter your email address:

Delivered by FeedBurner

Tags

31 reasons to sell with buy owner adding value to your home buying a home buying a house buy owner Buy Owner experience curb appeal decorating eco-friendly eco-friendly tips environment florida fsbo Green Living holiday home decorating Home Improvement home improvements home ownership home selling how to sell your home interior decorating interior design kitchen Market News moving real estate real estate market real estate selling real estate tips Regional Info selling selling a home selling a house selling Buy Owner selling by owner selling for sale by owner selling fsbo Selling Tips selling with buy owner selling your home spring staging using buy owner winter

EvoLve theme by Blogatize  •  Powered by WordPress BuyOwner.com Blog
Tips and info for people selling & buying their homes "Buy Owner"