Importance of Owning Your Own Beverly Hills Luxury Home
It’s sad to know that homeownership is at its lowest rate ever since the last 50-years. This means that not so many people are eager to have their own homes today compared to the past years. There are so many factors that contribute to this phenomenon. Consider finding a qualified Los Angeles real estate agent who can provide an in-depth analysis of the market, based on the neighborhood and price range you’re looking to invest in.
With the rise of young adults still living with their parents, along with the ongoing recovery and bounce back from the housing crisis that happened a decade ago which still haunts potential homebuyers today.
If you are debating leasing a property vs buying, continue reading:
First, you know that you need to have your own house eventually. It might not be now that you are still young but as you get older and you are yearning for independence, you know that leaving in another person’s house is not healthy for both of you. At the same time, owning a house is achieving your dream. When you aspire something because you want to prove that you can meet or exceed other people’s expectation of you, then owning a house can be the best move that you can do.
Second, owning a house can be a very good investment. If you want to save your money and make it grows but at the same time while enjoying its benefits at the moment, then homeownership can accomplish all these for you.
According to the findings of the Federal Reserve’s Survey of Consumer Finances, a homeowner’s network is around $194,000 a year, while a renter only has $5,400 as of 2013. And because home prices have risen 17% since then, the wealth of homeowners have grown even more.
Third, owning a house contributes to the growth of the economy. Americans do not take homeownership as a one and done move. They want to constantly improve it. And after 7-10 years, they’ll typically resell it and acquire a new one.
Whatever the reason is for acquiring a new house, the decision gradually boosts the economy and in creating jobs. When you purchase a new house, you are helping other professions exists such as mortgage agents, real estate agents, accountants, carpenters, builders, moving personnel, etc. Some portions of their income are being given back to the government in the form of tax.
Lastly, homeownership provides social benefits. Many studies reveal that owning a house help kids to focus more on their studies and have more friends. A neighborhood with many homeowners is generally safer and more peaceful than a street with many renters. Homeowners are more involved with social activities which are good in creating a harmonious relationship with other people in the community.