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How Homeowners Reap Rewards

Posted: 10/15/2010

New homeowners become part of a community, create memories and build their lives and financial futures.

(NAPSI) - Homeownership is how many American families accumulate wealth. One reason is that homeowners can take advantage of tax benefits such as the mortgage interest deduction every year at tax time and capital gains exclusions when they sell their home.

Over the long term, homeowners also tend to accumulate equity, which contributes to a notable increase in their personal 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.

“There’s a reason homeownership is called the American Dream,” said National Association of Realtors® president, Vicki Cox Golder. “People who buy within their means with the intent to stay in their homes for more than a few years have the opportunity to build long-term financial stability. Homeownership is the first rung on the ladder to building wealth, both socially and financially. A fixed-rate mortgage might last 15 to 30 years; renting is forever.”

Beyond financial considerations, many people become homeowners to help their families. Nearly four out of 10 recent buyers had at least one child under age 18, and academic studies show homeownership promotes lower juvenile delinquency rates, lower teen pregnancy rates and higher student achievement.

Homeowners can make their houses more attractive and comfortable and increase the value at the same time. Websites such as HouseLogic.com can provide tips, home improvement advice and how-tos that can inspire homeowners and help them maintain and enhance their home’s value.

For example, HouseLogic.com suggests these easy ways to improve your home’s curb appeal.

• Paint it. A new paint job will renew your home’s facade.

• Wash it. Pressure washing particularly makes the house look bright and clean at a fraction of the cost of having the house painted.

• Trim the shrubs and green up the yard. Cut down overgrown bushes and replace them with leafy plants and annuals.

• Add a splash of color. It could be a flower bed, new paint for the front door or a brightly colored bench on the front porch.

• Add a fancy mailbox and house numbers. An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look.

• Repair or clean the roof. Stains and moss can be handled with professional cleaning.

• Put up a fence. A picket fence with a garden gate to frame the yard is an asset.

• Perform routine maintenance and cleaning. Fix hanging gutters, replace missing bricks on the walkway and make your house shine.

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