More than 2.5 million people became first-time homeowners last year. Like graduating or getting married, this life-changing event will usher in a new chapter in their lives. Once new homeowners have their house keys in hand and prepare to move furniture into their new place, one question they may find themselves pondering is, "What happens now?"
One major advantage new homeowners will enjoy is the ability to personalize and decorate their house; renters are often restricted in this respect. Walls painted in a rented home will likely need to be repainted in their original color when the renter moves. Remodeling the interior is an investment a renter will never recoup. In contrast, homeowners have the freedom to strip the interior bare and rebuild it entirely, investing in remodels and upgrades that can pay off in the long run.
According to Jeff Bell, president of the Silicon Valley Association of REALTORS®, websites like HouseLogic.com can provide tips, home improvement advice and how-to's that can inspire homeowners and help them maintain and enhance their home's value.
"Closing on a property for the first time is a tremendous accomplishment. It represents the hard work and responsible choices of the new owner," say Bell. "When you invest in your future through homeownership, the possibilities are endless, and HouseLogic can help both new and seasoned homeowners take full advantage of the opportunities that owning a home offers to people. It's a rewarding experience through which families build lives and memories, as well as their financial futures."
Over the long-term, owning a home helps people dramatically increase their net worth. The most recent data from the Federal Reserve Board shows a homeowner's net worth is 46 times that of a renter's.
According to Bell, many American families begin to accumulate wealth through homeownership. "Even given the challenges of today's market, people who bought within their means with the intent to stay in their homes for more than a few years have the opportunity to build financial stability into the future," Bell says. "A fixed-rate mortgage might last 15 to 30 years; renting is forever."
Bell says purchasing a house goes much deeper than dollars and cents analysis.
"A home is a place of comfort and security," says Bell. "Owners don't move as frequently as renters, so homeownership encourages stability. Most people don't want to uproot their families and disrupt established friendships by leaving the community in which they've invested so much emotionally, as well as financially. Homeownership isn't for everyone, but for over 200 years, millions of Americans have owned homes and have enjoyed the benefits. This has not only strengthened families, but also has bestowed immeasurable benefits for individuals, the communities where they live, and the country as a whole."
Bell adds, "If you feel you are ready to take the next step and purchase a home, now is a great time to be a home buyer, since buyers today have many options and mortgage interest rates are at a 50-year low. Contact a REALTOR® who is knowledgeable and experienced."
To find a REALTOR® in your area, visit www.silvar.org.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.