{"id":4759,"date":"2021-01-17T14:03:41","date_gmt":"2021-01-17T20:03:41","guid":{"rendered":"https:\/\/theralphieandryanshow.com\/?p=4759"},"modified":"2022-12-15T08:22:44","modified_gmt":"2022-12-15T14:22:44","slug":"should-homeownership-be-a-goal","status":"publish","type":"post","link":"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/","title":{"rendered":"Should Homeownership Be A Goal?"},"content":{"rendered":"\n<p>It seems almost natural that once you have stable employment, a decent car, and are starting a family, <strong>you should buy a house<\/strong>. There comes the point in many people&#8217;s lives, especially young adults, where you get pressured by society, friends, or family to fulfill the last part of <strong>the American dream, to buy a house<\/strong>. <\/p>\n\n\n\n<p>In most situations, this is often the best decision, but there are always exceptions, like most things in life. <strong>Like in many instances, it depends on your specific situation.<\/strong> Sometimes buying a house is the best decision you can make, and other times it is not. In this blog, we will cover all of the <strong>positive and negative aspects of buying a house<\/strong>, and if homeownership should be a goal you pursue. <\/p>\n\n\n\n<p><strong>When trying to decide between buying or renting, here are some things you may want to consider.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Should Homeownership Be A Goal?\" width=\"500\" height=\"281\" data-src=\"https:\/\/www.youtube.com\/embed\/G3SAKLOzY8c?start=15&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-672a00e2d90a1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-672a00e2d90a1\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Homeownership_Advantages\" title=\"Homeownership Advantages\">Homeownership Advantages<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Stability\" title=\"Stability\">Stability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Forced_Savings_Plan\" title=\"Forced Savings Plan\">Forced Savings Plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Tax_Advantages\" title=\"Tax Advantages\">Tax Advantages<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Customization\" title=\"Customization\">Customization<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Homeownership_Disadvantages\" title=\"Homeownership Disadvantages\">Homeownership Disadvantages<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Home_Maintenance\" title=\"Home Maintenance\">Home Maintenance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Fixed_to_Location\" title=\"Fixed to Location\">Fixed to Location<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Long_Term_Investment\" title=\"Long Term Investment\">Long Term Investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Liquidity\" title=\"Liquidity\">Liquidity<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/#Have_Questions_Ask_The_Velasco_Reynolds_Team\" title=\"Have Questions? Ask The Velasco Reynolds Team!\">Have Questions? Ask The Velasco Reynolds Team!<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Homeownership_Advantages\"><\/span><strong>Homeownership Advantages<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stability\"><\/span>Stability<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The ability to choose to stay in a home or move is one of the most critical factors in life. <strong>Providing a stable environment for you and your family gives you security.<\/strong> The very best neighborhoods also have the highest percentage of homeownership. This is because families that invest in a home, care more for their property, community, and neighbors. It is my opinion that <strong>stability is an essential issue for you, your family, and even your neighbors.&nbsp;<\/strong><\/p>\n\n\n\n<p>In a financial aspect, homeownership also offers an element of stability regarding the monthly housing cost. Since most homeowners purchase with a mortgage, the principal and <strong>interest payment is set at a fixed rate for the next 15-30 years.<\/strong> Other home expenses might fluctuate, but the principal and interest will not.<\/p>\n\n\n\n<p>Besides, I have never met anyone that actually enjoys moving. <strong>Do you?<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Forced_Savings_Plan\"><\/span>Forced Savings Plan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Whether a home is a good investment or not is up for debate. The fact that a home is a real asset is not. We all know that having <strong>an automatic way to save and increase your net worth<\/strong> is always a good thing. Paying your mortgage every month gets you one step closer to owning your home and <strong>increasing your equity and net worth.<\/strong> Instead of paying your hard-earned money to a landlord, you will be sending it to a bank to pay off the principal. <strong>Your mortgage payment will automatically be a forced saving account.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Advantages\"><\/span>Tax Advantages<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When it comes to financial burdens, <strong>the taxman is always the fattest guy in the room.<\/strong> So if Uncle Sam is giving you a way out or providing an incentive to purchase a home, why wouldn&#8217;t you? Since the beginning of this country&#8217;s history, <strong>the government has incentivized citizens to own real estate.<\/strong> This is because the founding fathers understood that private real property provided <strong><a href=\"https:\/\/www.forbes.com\/sites\/davidgreene\/2018\/11\/27\/why-real-estate-builds-wealth-more-consistently-than-other-asset-classes\/?sh=c044ff254056\" target=\"_blank\" rel=\"noopener\">the easiest path to wealth<\/a> and generational wealth transfer. <\/strong><\/p>\n\n\n\n<p><strong>If you own a home and have a mortgage, the government will provide you with incentives in the form of tax deductions.<\/strong> <\/p>\n\n\n\n<p>Homeowner Tax Deductions <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mortgage Interest <\/li>\n\n\n\n<li>Real Estate Taxes<\/li>\n\n\n\n<li>Private Mortgage Insurance (PMI)<\/li>\n<\/ul>\n\n\n\n<p>Another <strong>massive advantage of homeownership<\/strong> is the tax exemption when you sell your property. If you have lived in the home you own for a minimum of <strong>two of the five years <\/strong>before the actual sale of the property, you will <strong>not be required to pay taxes on the first $250,000 of profit.<\/strong> For married homeowners, <strong>the number increases to $500,000.&nbsp;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Customization\"><\/span>Customization<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>How are you going to bling out your kitchen or bathroom without even owning it yourself? <strong>Having a home of your own gives you full control over your home.<\/strong> Customizing your home to you and <strong>your family&#8217;s needs are essential because it helps in its functionality. <\/strong>Owning a home is nice, but having a home that fits your specific needs is even better. Homeownership is important because you can <strong>make it yours.<\/strong>&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/theralphieandryanshow.com\/tips-for-first-time-home-buyers\/\" target=\"_blank\" rel=\"noopener\">Tips for First Time Home Buyers<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Homeownership_Disadvantages\"><\/span><strong>Homeownership Disadvantages<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Home_Maintenance\"><\/span>Home Maintenance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>I put home maintenance first as a disadvantage because it is by <strong>far my biggest dislike.<\/strong> I don&#8217;t enjoy mowing the lawn, cleaning gutters, and fixing leaky toilets or sinks. <strong>If you have a very busy schedule and are not handy, you might want to consider renting<\/strong> and letting all your home problems fall on your landlord instead of you. If you are renting a home, you are likely also responsible for lawn care or gutter cleaning. If you are a homeowner, an easy solution is to factor in lawn care as an expense and hire a local landscaping company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fixed_to_Location\"><\/span>Fixed to Location<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you are adventurous and are constantly moving or plan to move shortly,<strong> buying a home is not a goal you should pursue. <\/strong>Homeownership has an expensive front end cost and selling expense. <strong>Being a homeowner fixes you to a house and gives you baggage you will have to deal with before picking up and leaving.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Long_Term_Investment\"><\/span>Long Term Investment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Homeownership is best suited for those that have a<strong> long term plan and a consistent income.<\/strong> As stated above, homeownership has high upfront costs and selling costs. Homeowners won&#8217;t see much of a return on their <strong>investment until the fifth year of ownership. <\/strong>Financially, it is best if homeowners remain living in their homes for at least <strong>five years.<\/strong> This allows them to build equity. Otherwise, they are likely to have to pay to get out of their home investment and sell.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Liquidity\"><\/span>Liquidity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If we compare real estate to other investments, the biggest drawback to the others is how <strong>time-consuming and costly it is to sell a home.<\/strong> You can sell stock and other assets usually a lot cheaper and quicker than a piece of real estate. I don&#8217;t recommend investing in only a home but if you plan on using your home as a type of savings account, <strong>be mindful that it might take months to sell or refinance. <\/strong>In general, real estate can be extremely slow-moving, which is likely also why it is <strong>relatively stable.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--ee24b653b5a131e73a3d2072c73055e4\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/for-sale.theralphieandryanshow.com\/idx\/mortgage\" target=\"_blank\" rel=\"noopener\">How MUch Home Can I Afford? Find out here!<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For most people, the decision to start the home buying process will be <strong>the most critical<\/strong> and <strong>expensive purchasing decision a person will make in their lifetime.<\/strong> Understanding every detail about what you are getting yourself into is extremely important.<\/p>\n\n\n\n<p><strong> If you have high debt, unstable employment, and are unsure where you want to live, homeownership isn&#8217;t a goal for you. <\/strong><\/p>\n\n\n\n<p><strong>However, if you have a low debt to income ratio, stable income, and know exactly where you want to be in the next 5-10 years, homeownership should be part of your goals.<\/strong><\/p>\n\n\n\n<p> More people have created wealth and opportunity through homeownership. Understanding all of the details concerning what you are getting yourself into is crucial. This is why we are real estate professionals and want to help you <strong>build your wealth and enjoy your dream home at the same time. <\/strong><\/p>\n\n\n\n<script charset=\"UTF-8\" type=\"text\/javascript\" id=\"idxwidgetsrc-23194\" src=\"\/\/for-sale.theralphieandryanshow.com\/idx\/carousel.php?widgetid=23194\"><\/script>\n\n\n\n<div style=\"text-align:center\" class=\"wp-block-genesis-blocks-gb-cta gb-block-cta\"><div class=\"gb-cta-content\"><h2 class=\"gb-cta-title gb-font-size-32\" style=\"color:#32373c\"><span class=\"ez-toc-section\" id=\"Have_Questions_Ask_The_Velasco_Reynolds_Team\"><\/span>Have Questions? Ask The Velasco Reynolds Team! <span class=\"ez-toc-section-end\"><\/span><\/h2><div class=\"gb-cta-text gb-font-size-32\" style=\"color:#32373c\"><p>Give us a call to learn more about local areas, discuss selling a house, or tour available homes for sale.<\/p><\/div><\/div><div class=\"gb-cta-button\"><a href=\"tel:+ 16305349357\" target=\"_self\" rel=\"noopener noreferrer\" class=\"gb-button gb-button-shape-rounded gb-button-size-medium\" style=\"color:#ffffff;background-color:#3373dc\">1-630-534-9357<\/a><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>It seems almost natural that once you have stable employment, a decent car, and are starting a family, you should buy a house. There comes the point in many people&#8217;s lives, especially young adults, where you get pressured by society, friends, or family to fulfill the last part of the American dream, to buy a [&hellip;]<\/p>\n<p><a href=\"https:\/\/box5915.temp.domains\/~theralph\/should-homeownership-be-a-goal\/\" class=\"more-link\" title=\"Read More\">Read More<\/a><\/p>","protected":false},"author":3,"featured_media":4766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"rank_math_lock_modified_date":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36,137],"tags":[85,83,80,81],"class_list":{"0":"post-4759","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-buying-a-home","8":"category-home-buyer-guides","9":"tag-buying-a-home-for-the-first-time","10":"tag-first-home-buyer-tips","11":"tag-first-time-home-buyer","12":"tag-how-to-buy-a-home","13":"entry"},"aioseo_notices":[],"jetpack_sharing_enabled":true,"featured_image_src":"https:\/\/i0.wp.com\/box5915.temp.domains\/~theralph\/wp-content\/uploads\/2021\/01\/shutterstock_706177759-scaled.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/box5915.temp.domains\/~theralph\/wp-content\/uploads\/2021\/01\/shutterstock_706177759-scaled.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"Rafael Velasco","author_link":"https:\/\/box5915.temp.domains\/~theralph\/author\/rafael-velasco\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/box5915.temp.domains\/~theralph\/wp-content\/uploads\/2021\/01\/shutterstock_706177759-scaled.jpg?fit=2560%2C1706&ssl=1","_links":{"self":[{"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/posts\/4759"}],"collection":[{"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/comments?post=4759"}],"version-history":[{"count":11,"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/posts\/4759\/revisions"}],"predecessor-version":[{"id":9138,"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/posts\/4759\/revisions\/9138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/media\/4766"}],"wp:attachment":[{"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/media?parent=4759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/categories?post=4759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/box5915.temp.domains\/~theralph\/wp-json\/wp\/v2\/tags?post=4759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}