Key Takeaways from The Magic of Owning Your Own Home
Through the years, real estate has been the making of me – in my career, as a provider for my family and as a primary source of investment. There’s just nothing like owning your own home. Here’s why:
- Owning a Home Is the American Dream
The American Dream has always been classified as an aspiration to own your own piece of real estate. As an immigrant, I didn’t feel like I belonged in America until I owned a home.
- An aspiration the heart
As Ralph Waldo Emerson once said, “A house is made with walls and beams. A home is made with love and dreams.” People pour money and time into their homes, not just for economic benefit or asset growth, but because it makes them feel a certain way.
- A goal of the mind
Having a home and buying real estate is a phenomenal goal to have as the end to which all your efforts are directed.
- A physical achievement
Homeownership can be a badge of honor and a pride of ownership. You don’t have to find your identity in it but, as Kenny Guinn once said, “There’s something permanent, and something extremely profound, in owning a home.”
2. Owning a Home Increases Your Personal Wealth
Andrew Carnegie once said, “90 percent of all millionaires become so through owning real estate” and that still holds true today. Real estate is about the safest investment in the world.
As the old saying goes, “Don’t wait to buy real estate, buy real estate and wait.” Real estate appreciates over time, allowing you to move up the property ladder as you go.
- Debt reduction
When you own your home, the asset can grow in value and simultaneously the debt can be reduced, which means you grow equity. Renters don’t have a chance to reduce the payment on rent; but homeowners can reduce the ultimate debt that exists against their property.
- Tax benefits
In the US, the average person is able to write off their mortgage interest. For many, a mortgage write-off can be the difference between being a renter and being an owner.
3. Owning a Home Enhances Personal Well-Being
Homeownership impacts a person’s well-being and self-esteem. It gives you a sense of achieving a goal and having confidence in your own competence. A home can’t buy you happiness, but it can absolutely contribute to it.
4. Owning a Home Promotes Stronger Families and Neighborhoods
Homeownership isn’t just the cornerstone of financial affluence; it also provides emotional stability, security and a place people feel they belong. It makes communities stronger, too: studies have shown a relationship between homeownership and participation in voluntary organizations, charities, ministries and even local political activity.
5. Owning a Home Is Good for the Economy
Homeownership doesn’t just build personal net worth – it also generates growth in the economy. During the recent COVID-19 pandemic, for example, many people decided they were going to carry out home improvements and invest more in their homes. The DIY home improvement sector is set to grow hugely in the coming years, keeping the economy cooking.
Buying your own home and investing in real estate is a magical thing to do for yourself, your family and your community. It has changed my life, and it can change yours too!