We have all heard the saying, “Owning a home is the American Dream”. A recent survey of renters shows that 46% are determined to own a home. 67% say it provides more freedom. 37% say it delivers social status. 53% say it fulfills the American Dream.
Owning a home offers some financial advantages over renting. Homeowners may deduct both mortgage interest and property tax payments as well as certain other expenses from their federal income tax. Making regular payments on an amortizing mortgage is paying down debt and accumulating equity with each payment. Owning a home also provides greater stability and predictability of housing expenditures than renting. For the average homeowner with a 30-year fixed rate mortgage, the monthly housing cost remains fixed over a very long term. With the tax savings of home ownership, the homeowner’s payment is less than the rental payment in just 3 years.
New House, Older House, Condo or Townhome?
Should you buy a new home or an older home? If you like the experience of a fresh start, buying a new home may be right for you. New homes have technological improvements to heating and cooling systems, insulation, construction technology, energy efficiency, and more. You can also pick your own colors for the paint to carpeting and choose the cabinet styles and countertops.
There are also advantages to buying an older home. If you don’t want to deal with landscaping, an older home may be the better choice. Older homes are typically priced a bit lower than new homes. And if you don’t want any surprises like a shopping mall or restaurant next to your new home, an older home in a developed area may be the right for you.
If you live in a house, you can decide about the maintenance — doing it yourself or hiring a contractor. If you live in a condominium or townhome, you pay a monthly HOA fee to have maintenance work covered by the association’s contractors.
Owning Your Perfect Home
Every buyer has a perfect home in mind. It’s good to have a list of wants and needs. One side will have all the items that the home must have, and the other side will have the bonuses. Our team of real estate professionals will help find the home of your dreams. Let’s get together to help you achieve your American Dream!
Call Wenzel Select Properties today at (630) 430-4790. Our real estate office is in the heart of downtown Downers Grove at 4941 Main Street. We are just minutes away from Interstates 88, 355, 55, 290 and 294. Wenzel Select Properties real estate brokers are available to meet with you 7 days a week – Monday through Sunday.