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Buying a home is a big decision that takes careful consideration, as most homeowners will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages. 

When you are thinking about buying a home, you may want to consider the many advantages to homeownership: (As noted by Fannie Mae)

  • You enjoy being part of a community and a neighborhood.
  • Houses can increase in value over time, which means you increase your net worth.
  • As your home appreciates in value, you build equity in your home. This equity works for you if you decide to take out a home improvement loan or home equity loan. Increasing equity also increases the amount of cash you may receive if you sell your home in the future.
  • Real estate is an important part of a diversified financial portfolio.
  • The interest you pay on your home mortgage is often tax deductible.
  • Homeownership offers more flexibility to make changes to your living space, such as painting your walls or putting in new carpeting.

There are added responsibilities that come with homeownership:

  • You are responsible for fixing and maintaining the exterior, such as roofing, windows, and landscaping; and the interior, such as carpeting, plumbing, and painting.
  • You may need to purchase basic household items such as a lawn mower, garden tools, and major appliances.
  • Upkeep on a house can be time consuming and costly.

Once you are certain homeownership is for you, this site, and our learning center, can help you better understand how to get started, and ultimately how to find your dream home.

Frequently asked Questions from "HUD"

Since 1934 the US Department of Housing and Urban Development ("HUD") has helped more than 30 million people become homeowners. HUD has compiled 100 Frequently Asked Questions to help potential Homebuyers learn more about Homeownership opportunities.

The following questions and answers have been carefully selected to give you a foundation of basic knowledge. In addition to helping you begin, these questions and answers will give you the tools necessary to navigate most of the process - from deciding whether you're ready to buy, all the way to that final proud step, getting the keys to your new home.

Next: Getting Started

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