Home ownership means different things to each individual! For some, it represents the achievement of one of the key components of the American dream. Others emphasize a better way to serve your individual and/or family needs, goals, and priorities. In other cases, the decision becomes a financial and/or economic decision, since either having your own home generates a necessary tax advantage, or savings, or a reasonable investment, compared to renting, where all the money spent, just go to your landlord. For the vast majority of Americans, home equity is their number one financial asset. With these things in mind, this article will attempt to briefly consider, examine, review, and discuss some of these essential aspects and considerations of home ownership.

1. American dream: Whatever the American Dream means, for most people, the fulfillment of an individual and the acquisition of their own home, it is often personally satisfying and meaningful. Some look at it pragmatically, while others consider it a necessary achievement, to consider themselves personally on the road to success, whatever that means, for each individual.

2. Family/personal needs: When considering our family and/or personal needs, most of us look for the best way to do what is best for our loved ones’ needs, goals, and priorities. When we own, rather than rent, we have the opportunity and ability to customize and/or personalize it, to better serve what is specifically needed and desirable. Some seek some type of special kitchen, bathroom or other area, which they feel makes their house their home. Only by possessing does this become possible.

3. Economic/financial considerations: Although tax reform legislation reduced certain tax deductions and expanded standard deductions, mortgage interest is still, for the most part, deductible. By reducing tax liabilities, owning often becomes more affordable than renting. Although, in certain states with higher taxes (known as high SALT), the cap, on state and local taxes (at $10,000), makes homeownership less attractive than before, deducting a portion of property taxes becomes an advantage. of home ownership. When we rent, everything we pay goes to the landlord and we don’t experience any economic or financial benefits in the longer term. Owning a home, over time, means owning an asset, as well as a place to live!

Obviously, each individual has somewhat different reasons for wanting, or not wanting, to become a homeowner. Regardless of what yours is, it is important that he knows and better understands what best suits his needs.