Everyone has different reasons on why they enter into home ownership - as varied as diamonds. So, when I read a recent National Housing Survey from Fannie Mae, I found it interesting all the different responses people gave as to why they wanted their slice of the American Dream. Below are the results of the survey published in the June/July 2012 issue of Commonwealth Magazine by the Virginia Association of Realtors:
#1. "It means having a good place to raise children and provide them with a good education." Over 80% said it was a major reason.
#2. "You have a physical structure where you and your family feel safe." 79%
#3. "It allows you to have more space for your family." 74%
#4. "It gives you control over what to do with your living space." 70%
#5. "Paying rent is not a good investment," 61%
Other factors, but not as much weight on importance:
#6. "Building up wealth that can be passed along to my family." 56%
#7. "It is a good retirement investment." 53%
#8. "It allows you to select a community where people share your values." 53%
Other notable statements: tax benefits, the ability to borrow against the home, and "it motivates you to become a better citizen."
This article had me reflect back on why my family wanted to enter into home ownership. The biggest reason for my husband? "Equity" (What else would you expect from a financial guy?!) The biggest reason for me? Comfort. Even Dorothy says it "there is no place like home" and she is right. For me, there is no place else on earth I feel more at ease and welcomed than in the serenity of the place where I build memories with loved ones.
Why have you bought a home? Why do you WANT to buy a home? It's a great question to ask yourself!
Thinking of buying a home in Richmond or the surrounding areas? Contact me, Shannon Milligan at Home Sweet Henrico with Keller Williams Realty Richmond West, today and let me light your way to home sweet home!
To begin your Richmond home search, please visit: Home Search Richmond VA
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