Friday, December 23, 2011

The Goal of Homeownership

Homeownership is a goal for many, whether they are aspiring first-time homebuyers, in the market for a second home or have their sights on an investment property. Whichever your goal, here is some information to help you along the way.

First-Time Homeownership:
81% of homeowners and 67% of renters polled feel that homeownership is the best investment they can make. In addition to having a place of your own, homeownership allows you to build equity.

Investment Property: Many people purchase investment properties with the intention of augmenting their incomes with the proceeds from rent. These properties may round out a growing investment portfolio or provide a second income to owners.

Vacation Home: If you’ve always dreamed of having a vacation home, you may be in luck. Home prices in many vacation hot spots have fallen. While buying property is a good long-term investment, the potential return isn’t the primary reason for buying a second home. Nearly 80% of second-home buyers purchased their home to live in and enjoy, not in hopes of making a substantial profit from investment.

34% of vacation home buyers
plan to use the property as a
primary residence in the future
and the average buyer will hold
onto the property for 13 years.

Source: Wall Street Journal, July 23, 2011

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