Peggy R. Smith
People own homes for different reasons. We live in a world of diminishing control. But our home is still our castle and we are (to some extent) still the masters of our own home. That’s why it is still considered the main goal in achieving the American Dream!
Probably the most common reasons people give for buying a home today are based on emotional needs. Pride of ownership has long been the leading driver of consumers to make the leap into the club of property owners. Security, stability, and status can be achieved through purchasing a home. Some people take that step in order to have control of their own situation. They want to be able to change paint color, to add-on, to tear down or rearrange according to their own needs, which is not always possible in a rental property. , Sometimes buying a home makes a statement, for instance, the establishment of a family or the establishment of independence from a family.
The other prime motivation to purchase a home is the financial benefit. If you own a home, you could rent the property. If you receive enough rent to cover the costs of owning the home- the positive cash flow can be income for the owner or just an investment in the future. Even if you live in the home, it is still an investment, as it is the tangible evidence and collateral for loans or payment options in a variety of situations. Depending on condition, location, economic factors in the area, your home can appreciate over a period of years at a faster rate than many other types of investment. Last but not least, it is one kind of tangible wealth to pass on to children.
If you are an owner- occupant, there are also tax advantages to owning a home that may apply to you depending on how your taxes are structured. For instance, for most homeowners, the Mortgage Interest Deduction can have a significant impact on the amount of taxes that you pay to the IRS on an annual basis.
Whatever the motivation, the freedom in this country to be the owner of our own property is a privilege not to be taken lightly! The pursuit of this goal has long been a driving force behind the strong work ethic in this country and the main reason that for generations people have been innovators, inventors, entrepreneurs and pioneers. To fully appreciate this freedom, maybe we should consider what life would be like if the ability to achieve this goal was not available, or only available according to birthright, or social ranking or family ties. We must always guard, protect and exercise our right to own property- unimpeded by government over- regulation and restriction. Our local governments do regulate and restrict the use of property to protect the community and neighboring property owners. But everyone has the right to own property based on their ability to purchase the property!
No man but feels more of a man in the world if he has but a bit of ground that he can call his own. However small it is on the surface, it is four thousand miles deep; and that is a very handsome property. ~Charles Dudley Warner
As you consider how you will vote on November 4th, try to find out if the candidates will be in favor of restricting, regulating, taxing or impeding your right to own property and use that property in a reasonable way. Ask the candidates- “Would you support any action that further burdens property owners with more taxes or fees connected to homeownership?” Or- “Would you consider eliminating tax deductions for homeowners?”
For your home’s sake… vote smart!!
~~~~~ All About Real Estate, Kentucky Style ~~~~~~ by Peggy Smith 