How Owning a Home Grows Your Wealth with Time [INFOGRAPHIC]

How Owning a Home Grows Your Wealth with Time  Some Highlights If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years. That means your net worth can grow significantly in the long term when you own a home. Reach out to a real estate professional so you can start your homebuying journey today.

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Why Buying a Vacation Home Beats Renting One This Summer

For many of us, visiting the same vacation spot every year is a summer tradition that’s fun, relaxing, and restful. If that sounds like you, now’s the time to think about your plans and determine if buying a vacation home this year makes more sense than renting one again. According to Forbes:  “. . . if the idea of vacationing at the same place every year makes you feel instantaneously relaxed, buying a vacation home might be a wise move.”   To help you decide if making a move like this is right for you, let’s explore why you may want to consider purchasing a vacation home today.  Benefits of Owning Your Vacation Home You don’t have to worry about finding a place to stay. It can be a challenge to find a rental where you want, when you want. Some summer vacation destinations are more popular than others, meaning your favorite place may be booked up in advance. Bankrate explains why owning your vacation home means you don’t have to worry about that sort of inconvenience:  “. . . a second home can offer a place to have quality time with your family and ensures that you always have a vacation destination.”   It’s an investment. Home values typically appreciate over the long haul. That holds true for your vacation home as well, especially if it’s in an area with growing market demand. This can help grow your net worth with time.   Vacation homes may provide tax benefits. If you own a vacation home, you may be eligible for tax deductions based on where it is. However, before buying, you’ll want to consult with a tax professional to discuss first as taxes can vary by location. It could potentially turn into a retirement location. If you love the location of your vacation home, you could potentially sell your primary residence and retire there in the future. How a Pro Can Help You Find Your Perfect Match As you’re preparing for summer vacation, remember, you could potentially visit your second home instead of another rental unit or hotel. If that sounds appealing to you, a local real estate agent is your best resource. They have the knowledge and resources to help you understand the area and what vacation homes are available in your budget. Plus, these agents can explain the perks of how owning a second home can benefit you.  SBottom Line If any of these reasons for owning a vacation home resonate with you, reach out to a trusted real estate agent. You still have time to enjoy spending the summer in your vacation home.

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Why Buying or Selling a Home Helps the Economy and Your Community

If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community. The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact: As the visual shows, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community: “The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling spending.”  Housing being a major job creator makes sense when you consider there are many different industries involved in the process. A recent article from Fortune notes housing activity could have a more robust impact than you think due to the many ways it’s tied to the economy: “Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint.”  When you buy or sell a home, you work with a team of professionals, including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen.  So, when you make a move in the housing market, you're not just meeting your own needs, you're also making a positive impact on the community. Knowing this can give you a sense of empowerment as you make your decision this year. Bottom Line Each and every home sale is important for the local economy. If you’re ready to move, reach out to a trusted real estate agent. It won’t just change your life – it’ll also have a strong positive effect on the whole community.

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