(760) 622 5087 fakri@fakrizubek.com

The benefits of home ownership are many. Sometimes we overlook the rest of them as we focus on finding the “right” home. Taking the longer view, we can see additional benefits which will likely come into play years from now.

Security

Statistics show that neighborhoods of home owners have lower crime rates and neighbors who look out for one another. Renters tend not to be so vigilant as residents will come and go at any time.

Stability

Most owners favor fixed interest loans. This means their monthly payment remains the same for 30 years. This is in stark contrast to rent which, in San Diego, has nearly tripled over the last 10 years. So while renters are struggling to figure out how to pay their rent, owners are focused on what they can do with the savings.

Wealth building

In addition to no increases in monthly payments over time, home owners get to enjoy the appreciation of their home’s value. Again, this is a long term trend. Month to month may see a small appreciation. Over the years, though, it adds up very nicely. Just ask any senior citizen who is now able to retire because their home helped them save money while appreciating in value.

Education

When it comes time to help the children go to college or even fund their own education, home owners can tap their home’s appreciation by doing a cash-out re-finance or taking out a second mortgage. Renter do not have either of these options available to them.

Legacy

A homeowner can leave their home to their heirs. Even if there is still an existing loan on the home, the chances are there will be a tidy sum leftover to the heirs after selling the home and paying off the loan(s). Better yet, here in California transferring the home to the heir will transfer the tax basis of the parent(s) if it is done correctly. This could mean savings in the hundreds of dollars per month!

Health

Studies show that renters find themselves exposed to greater risks and environmental risk factors than home owners. From crime to lead-based paint to contamination of the soil or water supply, all these risk factors are reduced in residential neighborhoods where home owners can better control their circumstances.

As you consider buying a home, contact me at 760 622 5087 or fakri@fakrizubek.com to discuss the benefits of home ownership as well as the financing to make it possible. With a wide variety of loan options and assistance programs, together we can plan your path to home ownership.