Packanack Lake Homes for sale in NJ | What are the Benefits of Becoming a Homeowner?
Packanack Lake name implies about the “Land Made Clear For Cultivation” This beautiful area located in Wayne NJ in Passaic County is one the best features within the county that boasts lots of natural beauty.
Packanack Lake is not just a great place to visit. Many people are finding that living around such a beautiful body of water offers a unique opportunity to be surrounded by nature, nestled in a peaceful setting only 25 miles from Manhattan
If you check out Packanack Lake(NJ) real estate and home prices, you’ll find that prices are still more down to earth than most of the other surrounding areas.
Today, I would like to talk to you about What are the Benefits of Becoming a Homeowner?
Every family has a list of important dates. We celebrate birthdays, anniversaries, pet adoptions…and the list goes on. For 64.4 percent of households in the United States, this list includes the day they became a homeowner for the first time!
Why is this date important? Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream!
However, many question if the next generations see the same benefits of homeownership as their predecessors.
In case we have forgotten, some of those benefits are:
1.- Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old.
2.- Civic Participation: “Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteer.
3.- Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters.
4.- Public Assistance: The report shows 47% of homeowners use their home equity credit lines to help pay other debts, diminishing their need for public assistance.
5.- Property Maintenance and Improvement: A well-maintained home not only generates benefits through consumption and safety, but a high-quality structure also raises mental health.
6.- Pride of Ownership: This place is uniquely “yours.” You can customize it according to your likes and personality.
In addition to financial benefits, homeownership also brings significant social benefits. These not only pertain to the family, but extend to the communities, the state, and the country!
Buying a home is an investment in your future!
1.- Appreciation: On average, home prices are appreciating annually at a rate of 3.6%. This helps to create a safety net.
2.- Forced Savings: Your mortgage is like a forced savings plan! With each payment, you are reducing the principal of your loan.
3.- Home Equity: Homeownership builds equity every single month. You can later use that equity to start a business, send your children to college, etc.
4.- Net Worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.
5.- Stability: Rent prices increase 4% annually! A fixed mortgage payment allows you to save for future projects and guard against inflation.
6.- Tax Benefits: The government has created tax benefits to encourage customers to purchase. (Talk to your CPA to see which benefits apply to you).
Homeownership is and will always be part of the American Dream! There are many financial and non-financial benefits to take advantage of when owning a home. If owning a home is part of your dream, let’s get together to help you with the process!
Please feel free to browse our website to find new listings in Packanack Lake and its surrounding areas.
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We have years of experience and would love to help you find your dream home in Wayne, Passaic County NJ or the surrounding areas.
If you have any questions or would like to speak with me directly, please feel free to contact me by phone:
My direct number is 973-417-9806
Keller Williams | KW Metropolitan
55 Madison Avenue Morristown, NJ 07960