Most Americans consider homeownership to be the single best long-term investment and a primary source of financial security, especially as home values continue to strengthen. Despite the economic roller coaster during the recession, homeownership has endured as the foundation of the American Dream. For that reason, the home building industry is celebrating National Homeownership Month in June. Building your own home from pre-designed house plans provides numerous benefits and huge savings compared to custom architectural fees. It not only helps build financial strength and emotional well being for you and your family, but it also leads to increased stability for the surrounding community.
It’s nearly impossible to talk about homeownership benefits without mentioning the most widely recognized: financial fortitude. Beyond the appreciation factor (home values were up 6.3 percent nationally in the first quarter of 2016 compared to the first quarter of 2015), the monetary advantages of owning a home become most evident around tax time. American home owners saw their tax bills trimmed by a total of more than $100 billion in 2014. Those who itemize their federal income tax deductions can deduct 100 percent of their mortgage interest payments on a first or second home, up to a maximum mortgage amount of $1 million. Other deductions include the interest paid on up to $100,000 of home equity loans, state and local real estate taxes, and any potential mortgage insurance premiums.
Sense of Community:
Homeowners’ commitment to their community is often expressed through a higher level of civic participation. Whether via volunteer programs, church and school activities, and property maintenance – resulting in a positive impact on their “social capital.” Recent studies also have consistently shown homeowners are significantly less likely to become the victims of a crime. Stable neighborhoods with a predominant structure of homeownership consistently display stronger social ties among the residents. This generates added motivation to maintain a safe environment for themselves, their families and their neighbors.