As I mentioned last week, June marks National Homeownership Month, which recognizes the value of homeownership and its positive impact on families, communities, and our nation’s economy. Last week, I focused on how homeownership can benefit you and your family by increasing your equity over time. This week, I want to explore how owning a home is an investment in your community.
Regardless of whether there are school-aged children in your household, when you purchase a home, you pay property taxes. Guess what some of those taxes go towards? Yep. You guessed it – public schools. Some may say, “Why should I care?” Either they don’t have kids in school or choose to homeschool or invest in private education. Homeowners care because there is a direct correlation between property values and the quality of public schools. Purchasing a home means you’ll pay property taxes, which means you’re helping to funding the education of the future.
In the National Association of Realtors' most recent Profile of Home Buyers and Sellers, only 52 percent had children under 18 in the home. Yet, 22 percent said the convenience to schools was an influencing factor when selecting a neighborhood. It’s clear the quality of and distance from schools is a determining factor for purchase and/or resale considerations. Buying a home is also an investment in the local schools and the education of all children – yours or those in your community.
Another way that homeownership is an investment in the community is by supporting the local economy. Whether you purchase new construction or a home you plan to remodel. Sooner or later, your home purchase or your remodel project is money you’re spending in the local economy.
Think about all that goes into building a home – lumber, paint, drywall, labor, roof singles, and landscaping. Then there’s the ongoing maintenance – appliances, lawncare, plumbing, and electrical. On top of that is interior décor and household goods – window blinds, carpet, and furniture. All these items to build, maintain, and improve your home are investments into local suppliers and workers to provide goods and services. When you buy a home, your investment in yourself is also providing jobs and stimulating your local economy.
Are you ready to take the step towards homeownership and the related investment in your community? Contact a Realtor. We have the tools and professional knowledge to help you walk this path. Realtors are here to be your housing resource. That’s who we R.