Lauren Holloway is on vacation. Today's column is courtesy of Guest Columnist Tom Kortizija. Tom is a Top Producer at Sotheby's International Realty and can be reached at 925.286.9000, or visit his website at www.eastbaytom.com.
Why homeownership matters and why it can still be such a rewarding experience is an important question to address in today’s real estate marketplace. Let’s review the reasons for home ownership.
- Shelter, security & stability
- Celebration of life
- Environment, privacy & personalization
- Advantageous tax benefits & investment
- It is yours — pride of ownership
Home ownership and the purchase transaction have always pitted logic vs. emotion, with the perspective that is indeed a business transaction. For most people it will be the largest single financial transaction they are involved in their entire lives.
There are opportunities to buy or sell in any market and there are numerous tools available to the consumer to assist you with the financial aspects.
Whether or not it truly makes economic sense is a decision to be carefully researched for each individual situation. Our population clearly continues to grow and is forecast to increase by 100 million in the next 40 years, a factor we should certainly consider.
A home’s key intent is to provide shelter for the occupants: to provide a refuge and sanctuary from elements, life’s challenges and the ever-uncertain world we all live in.
I have so many personal memories of life’s celebrations in my home. Bringing home babies, that special pet, celebrating life’s achievements and enjoying holidays are factors that drive joy and cement our life experiences. Sadness and happiness are emotions that all experience in the cycle of life and we experience these most earnestly at “home.” I am sure all of us can recall the incredible memories of our lives in our homes.
Selecting a neighborhood that matches our desire for the type of community and allows us to live freely is a huge benefit realized with home ownership. The ability to paint your front door that special shade of red (HOAs non-withstanding) or customize your kitchen or baths to your heart’s desire are factors which delight and which personalize our homes to our lives.
Tax benefits continue to be a very strong economic return for homeowners. While a principle residence should not be treated as an investment vehicle, there still exists an opportunity to build equity over the long term. I realize that this statement may be difficult to agree with from the perspective of recent residential real estate history, but I focus on the long term for this essay.
Freedom is an inherent American ideal and right and Americans tend to translate that right into every aspect of their lives, I believe this is a wonderful component of home ownership and maybe the key argument in support of home ownership.
Home ownership isn’t for everyone and that is just fine, but home ownership matters, perhaps more today and in this damaged economy than we are ready to admit. The ability to live, personalize, enjoy and celebrate our lives are the best reasons for home ownership.
Home ownership matters, to all of us.