June is National Homeownership Month!
Naturally, we would like to share 3 reasons why you should become a fellow homeowner for the benefit of yourself, your family, and your community.
1. Homeowners create a home where the surrounding community can come together.
According to the HUD Exchange, “community networks” and “support systems” are created when new homeowners settle down in a community.
Take our own community of Chattanooga for example. CNE hosts various events ranging from morning coffees at bus stops to markets featuring local artisans. These small get-togethers epitomize the friendly community networks created within neighborhood communities and the support systems interlocked between each home owner. Instead of worrying who is who living right next to you, homeowners get to actually know each other, share stories, and experience cultures just outside his or her front porch.
2. Buying a home is easy!
Referencing the HUD Exchange once again, by using a HUD-approved housing counselor, buying a home is fairly easy! These counseling organizations are “trained and approved agencies” that provide you with the proper knowledge and ability to buy a home.
CNE is part of the nearly 2,000 HUD-approved agencies in America; our vision is to ensure that our community can afford a safe place in a strong neighborhood to call home. CNE provides programs and services such as the following: homebuyer education, mortgage lending and down payment assistance, home improvement, loans, foreclosure prevention, Money School, rental properties, real estate development, and neighborhood stabilization. With the abundance of these programs and services available, buying, as well as maintaining a home, has become a stress-free process for the potential homeowner.
3. Owning a home becomes a long-term, smart investment.
If you’re on the market for a new residence, we bet you’ve heard this tip repeatedly in your process. According to U.S. News, buying a home is a smart investment because it is “inflation-protected and a physical asset that doesn't disappear like stocks can do”.
This “physical asset” obtained by buying a home, when compared to renting, provides a larger reward in the end. Instead of paying rent each month, homeowners pay a mortgage that ultimately increases home equity. Also, mortgage interest becomes “deductible from your income tax”, so paying taxes won’t be as much as a burden as it already is.
If you're interested in homeownership, make sure to attend an event next week (June 3-10) for NeighborWorks Week. Click here for more information.