Different people buy houses for different reasons but a couple of years ago everyone had similar thinking, a house was a really good investment. By the end of 2004 homeownership in the US was at an all time high of almost 70%. It seemed like the price of home would keep rising forever and if you didn't buy now you might never be able to afford a home. Well we found out the hard way that what goes up must come down and it came down with a thud.
We as Americans have had to reevaluate our reasons for owning a home. Gone are the days of double digit appreciation and cheap home equity lines of credit. No more using your house as an ATM machine for quick getaways to the Bahamas or that new fishing boat. Today would be home buyers have to come back to the reality of why do I want to buy a home? Here are a couple of reasons you might want to consider.
Stability and sense of community- Owning your own home gives you a chance to lay down roots and be part of a neighborhood or community that fits your lifestyle. Maybe you are an artist and want to be close to local galleries or you are very active in church and want to be close by. Homeownership allows you to build a life around what is most important to you.
Schools- Especially here in Johnson County, schools are extremely important. Not just your school district but a specific school. Being a homeowner means never having to leave that school.
Individuality and personalization- Owning your own home gives you a chance to make it your own. Do you like crazy colors? no problem it is your home. Want a hot tub, go get one. When it is your home, it is yours to do what ever want. Well at least anything that is legal.
Equity and tax breaks- Yes, equity. while the value of homes have fallen since the peak in 2006 and there is no guarantee that your homes value will appreciate. Homes in the Kansas City metro area have historically appreciated about 5% a year. I know that doesn't have the sizzle of double digit equity growth like the early and middle 2000's but equity is equity and won't get any renting. Don't forget about the tax breaks, as a home owner you get to not only write off the interest but you also get to write off your property taxes. For a lot of homeowners those are some pretty big numbers.
Those are some of my thought but I want to know what you think? Why do you want to be a homeowner? or why do think being homeowner is not a big deal anymore?
Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...
Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com or www.SearchjocoHomes.com