The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.

Today we want to talk about the top 5 financial reasons you should own your own home.

  1. Homeownership is a form of forced savings – Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit card debt, or even send a child to college. As a renter, you guarantee that your landlord is the person with that equity.
  2. Homeownership provides tax savings – One way to save on taxes is to own your own home. You may be able to deduct your mortgage interest, property taxes, and profits from selling your home, but make sure to always check with your accountant first to find out which tax advantages apply to you in your area.
  3. Homeownership allows you to lock in your monthly housing cost – When you purchase your home with a fixed-rate mortgage, you lock in your monthly housing cost for the next 5, 15, or 30 years. Interest rates have remained around 4% all year, marking some of the lowest rates in history. The value of your home will continue to rise with inflation, but your monthly costs will not.
  4. Buying a home is cheaper than renting – According to the latest report from Trulia, it is now 37.4% less expensive to buy a home of your own than to rent in the US. That number varies throughout the country but ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI.
  5. No other investment lets you live inside of it – You can choose to invest your money in gold or the stock market, but you will still need somewhere to live. In a home that you own, you can wake up every morning knowing that your investment is gaining value while providing you a safe place to live.

Bottom Line

Before you sign another lease, perhaps you should sit with a real estate professional like me to better understand all your options.

Most homeowners about to put their place on the market are most concerned with two things: getting a good price and unloading their property as quickly as possible. After all, time is money, right? The last thing you want is for your home to sit on the market for months without any viable offers.

Below are six shortcuts you can take to make selling your house easier and faster. None of 'em will break the bank. In fact, some of these efforts don't require any cash at all.

1. Shrink your staging costs

Staging your home, which entails hiring a decorator to make your house aesthetically appealing to a prospective buyer, usually pays off big-time. On average, staged homes sell 88% faster and for 20% more than unstaged ones. But staging can be expensive.

2. Boost curb appeal

Home buyers form their first impression when they pull up to your house. It’s no surprise, then, that curb appeal—how your home looks from the outside—can boost your property's sales value by up to 17%, a Texas Tech University study found. Yes, primping your home's exterior can set you back, moneywise. For example, professional landscaping (which can include installing a stone walkway, planters, shrubs, and trees) costs an average $3,219, according to HomeAdvisor.com.

3. Forget about snail mail marketing

While some real estate agents still recommend sellers send mailers to people in the community to announce their new listing, direct mail costs money. A free alternative is social media marketing—promoting your listing on Facebook, Twitter, and Instagram. 

4. Brighten up the living space

No buyer wants to walk into a dark, dreary house. Fortunately, there are several low-cost ways you can improve the lighting in your home. Wall mirrors amplify light, so install a few throughout the home (for example, over the fireplace, behind the dining table, in the master bedroom). 

5. Promote energy-efficient upgrades

Making your home more energy-efficient—say, by insulating the attic, installing a programmable thermostat, or weatherstripping doors and windows—can be a huge selling point to home buyers.

6. Build buzz in advance

You need to do everything you can to get people talking about your house before it hits the market. This includes promoting your home on all your social media channels, sending a mass email to your network, and knocking on neighbors’ doors. 

Testimonials


Joyce sold my house in record time during this tough economic environment, and I got the price I wanted. She worked hard in aggressively marketing the house and was available 24/7 right through closing. Joyce also helped me find another house in a highly desirable neighborhood and, within six weeks, I was in a new home that I love. She helped me all along the way, handling details of the contracts and recommending professionals who could make the move a little easier. The most valuable part of working with Joyce is her experience as an agent. Her knowledge and advice enabled me to make good business decisions. It's very important to work with an agent who knows the market, has listings and a solid network of buyers and sellers.

- Mary Cecil

“Dr. Joyce really listened to what we wanted and then followed through on finding us the right home. She is truly a professional Realtor.” Thank you so much!

- Jaine Sandoval

“Thank you so much for helping us find the perfect home! We truly appreciate all your hard work.”

- Ashley Robinson & Tyler Hansen

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