Have you ever wondered what makes owning a home the American Dream?
Our family has a landscaped acre that sprouts weeds like nobody’s business, and as I was pulling the spurge in 98-degree heat, I thought how nice renting a condo sounded!
Sometimes you may have felt the same way. However, while there are many responsibilities to homeownership, I think it’s a good foundation to both the individual’s and a community’s success.
What are some of the responsibilities that an individual bears if they choose to buy a home instead of rent?
Immediately it’s clear that there is a financial commitment, of course.
As we are now in the throes of the financial fiasco from the previous years’ practices, it’s a good time to recognize the importance of establishing your family budget.
Many clients over the years bought less home than the lender said they could afford, because they didn’t want to be “house poor.” They had hobbies or goals that they wanted to fund besides owning their own home, and they planned accordingly. Many financial planners think it is also wise to have six months of living expenses in the bank for emergency purposes as well.
Homeownership carries the burden of being intentional with your spending habits, so that money management becomes your tool and not your master.
The need for home maintenance is also specific to homeownership. Renters just call the landlord or property manager if there’s a problem. Renters don’t worry if there’s painting to be done. If things aren’t kept the way you like as a renter, you can just move on.
Ben Franklin had great advice for the homeowner though, “Don’t be penny wise and pound foolish.” Many of us groan as we remember the pennies worth of caulking or painting that could have saved us hundreds of dollars in repairs.
Homeownership requires vigilance and planning to keep the costs of maintenance down, so that your equity can grow.
Lastly, it’s wise as a homeowner to take responsibility for your neighborhood dynamics. Tolerance and courtesy are the hallmarks of strong neighborhoods and communities. Homeowner associations are an example of making them a binding contract in a way!
Keeping the street appeal up and the noise level down are two very quick and easy ways to grow a neighborhood’s value. Landscaping that is neat and tidy, cars that are in garages and the sounds of nature, windchimes and laughter will put money in your pocket. Most people would love to live in a neighborhood like this, and as we all know from Econ 101 — demand equals value.
So with all these responsibilities, what are the rewards?
Well, as I have already hinted, owning your own home creates the opportunity for wealth. Notice I said the opportunity, not the guarantee.
The creation of wealth requires the responsible actions above and a time commitment. Just like the advice I’ve often heard from stock brokers, make a good choice and then sit tight until life demands you make moves.
Though flipping houses has been glorified on television, and some people may have been successful at the practice, it’s a form of gambling and the stakes, in my opinion, are too high.
The best way to make a “killing in real estate” is to invest in it slowly and steadily.
Another reward of homeownership is the control of the address. Moving is emotionally and physically draining. Trying to move on a landlord’s schedule in the middle of the school year, during the holidays or away from easy commutes can be very disruptive for a family. Having a home that you own can give peace of mind and predictability when so much these days seems to be in flux.
Lastly, the effects on a community that is peopled with those that have a financial and physical investment in its success nearly always guarantees a vibrant and healthy environment.
The constituents typically expand their responsible behaviors as homeowners to the broader spectrum of the community base.
Budgeting, planning, maintenance, tolerance, and courtesy become the hallmarks then, not only of a well-run household, but of a well-run community.
And of course, by extrapolation, the well-run counties, states and nation. And that is why we call homeownership the American Dream.
So celebrate your freedom and your independence this month and call your favorite Realtor and be on your way to owning your own dream! 
Cathy Asbury is a local Lyon Real Estate agent. She is consistently in the top 10 percent for sales production company-wide and lives with her family in Placer County. She can be reached at (916) 782-0593 or (530) 887-3438 or visit www.CathyAsbury.GoLyon.com.