To be sure, purchasing a home is the largest financial transaction that most people make in their lifetimes. There is also no disputing that price is the factor upon which nearly every buyer focuses when buying a house. However, it should be pointed out that the decision to own a home is not purely a financial one. Couples with children, in particular, are drawn to homeownership because it enables them to establish a stable environment for their families. Homeowners can derive security from establishing roots in the community, keeping their housing costs constant, ensuring continuity in their children’s school and social lives, and upgrading their living environments as they see fit. Homeownership helps families thrive.
HINT: Buyers should carefully assess how long they expect to live in their new homes in order to sufficiently recoup down-payment and transaction costs.
