Wednesday, September 10, 2008

Home Ownership Has its Benefits

Combined with historically low interest rates and a plentiful inventory of affordable homes, the recently passed tax credit of up to $7,500 for first-time buyers presents an excellent opportunity for those looking to make their dreams of homeownership a reality. There has never been a better time to buy a home. Seize the opportunity; the first-time buyer tax credit only applies to purchases closed by June 30, 2009. 
According to reports conducted by the National Association of Realtors covering a three year period, there are many other benefits of homeownership. These advantages include:
  • Higher education performance and graduation rate.
  • More household participation in civic affairs, a greater level of voluntarism and increased awareness of local politics.
  • Better physical and psychological health, as well as higher life satisfaction, self-esteem and perceived control over life decisions.
  • Greater median wealth compared to renters with comparable incomes.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: or