Freddie Mac recently published a report regarding the benefits of being a homeowner. The report states that there are five major benefits to it and that everyone should consider them.
- It helps you build a fortune over time.
- Stable monthly payments.
- Tax benefits.
- You can feel proud to be the owner.
- Being an owner improves your sociability.
Let’s look into the details of Freddie Mac’s five points:
Homeownership can help you build wealth over time
The Federal Reserve does a survey where they study consumer finance by collecting data across multiple economic and social groups. According to the survey in which the data from 2010 to 2013 was studied, it was found out that the average net worth of a homeowner in Los Angeles is 36 times greater than a tenant ($194,500 vs. $5,400).
Lawrence Yun, a chief economist of the National Association of Realtors (NAR), reported in an article in Forbes that now the gap of equity is 45 times higher.
Stable monthly payments
When you buy a real estate in Lawndale, Hawthorne or Gardena that has a fixed rate mortgage, most of the payment including the principal and the interest remains the same. In contrast to this, rents keep on going higher than before. If you want your housing expenses to be stable, buying a house in Hawthorne, Gardena or Lawndale is the smarter choice.
According to the ‘ Briefing Book ‘ of the Tax Policy Center – “A citizen’s guide to the fascinating (although often complex) elements of the federal tax system,” there are more than just a few tax benefits you can look forward to when owning a home.
Here are four of the advantages according to the ‘Briefing Book’:
- Deduction of the mortgage tax
- Deduction of property taxes
- Imputed rent
- Profit from the sale of the house
You can feel proud to be the owner
According to most surveys conducted in the US, an important factor in buying a house is the decision of designing your house according to your requirements. Whether it is the color of the paint or the garden accessories, you do not need to take permission from the landlord to make your house feel like home.
Being a homeowner in Lawndale, Hawthorne or Gardena improves your sociability
A recent study was published by The National Association of Realtors entitled ‘Social Benefits of Homeownership and Stable Housing.’ In the study, it was explained that:
“Homeownership creates social capital and provides residents with a platform to connect and interact with neighbors … owning a home means owning a neighborhood, and the homeowner’s feeling can arouse feelings of commitment to the neighborhood, which, in turn, can produce interaction with neighbors.”
There are multiple advantages to owning property or real estate in Lawndale, Hawthorne or Gardena. It is for this reason that it remains a fundamental part of the American dream. If you are someone looking to become a homeowner in Lawndale, Hawthorne or Gardena, contact My Realty Value today and get the best deals on all real estate in Los Angeles.