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 how best 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 rent, where all the money spent, just go to your landlord. For the vast majority of Americans, the value of their home 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 to 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.

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

3. Economic/financial considerations: Even though tax reform legislation reduced certain tax deductions and expanded standard deductions, mortgage interest, for the most part, remains deductible. By reducing tax liabilities, owning often becomes more affordable than renting. Although, in certain higher tax states (known as high SALT), the cap, on state and local taxes (at $10,000), makes owning less attractive than before, deducting a portion of real estate taxes becomes in an advantage. of home ownership. When we rent, everything we pay goes to the landlord and we do not experience any longer-term economic or financial benefits. 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 understands better what is best suited to his needs.