Why should I buy a home?By Terri Woods – Terri sells real estate in Santa Cruz County and North Monterey County
Many people are asking that question. Especially those who were burned by the recent housing downturn. Some lost their homes through short sales, foreclosures and/or bankruptcy. And now, they are a little hesitant to get back into the housing ownership group again. Is this you?
I know, I know. We all know the financial benefits. Gain equity through appreciation. Tax deductions. Capital Gain exclusions.
BUT… DID YOU KNOW THAT HOME OWNERSHIP ACTUALLY BENEFITS YOUR KIDDOS?
Why is that?
- Stability – Research has shown that the longer a child stayed in one place (same house, same school), the higher test scores, the lower the discipline, and the higher the graduation rate and the lower teen pregnancy rate.
- Better living environment – Besides safety, children of parents who own homes experience better physical and emotional settings than renters. Families tend to eat dinner together, and have better ‘play’ areas.
- Problem solving techniques – Children of parents who own homes experience their parents ‘fixing’ things that are broken, whether it is a Do-It-Yourself project, or calling a plumber. Those skills are not to be taken lightly. Renters tend to call the landlord for all issues.
- Better learning environment – Something as simple as better lighting greatly affects the environment for children to learn, read, study. In homes of that parents own, the lighting is generally better.
- Increased education results in higher lifetime income for children of parents who own a home.
Though each family situation is unique, the study shows that home ownership is more than a financial gain. It can also be attributed to leaving a positive legacy.For more information visit Social Benefits of Home Ownership.
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