Owning a home is an accomplishment and a commitment
that will help build financial security and stability for you
and your family.
Dominion Homes believes that everyone should have the opportunity to be a successful homeowner and take advantage of all the benefits of homeownership. Whether it is by helping you find homes for sale in Kentucky or by serving as your Columbus home builder, we are here for you.
Benefits of Homeownership
- Homeownership is an investment that has consistently, on a long-term basis, shown a positive return.
- Homeownership fosters community involvement and pride in a neighborhood.
- Homeownership brings family stability.
- Homeownership builds equity and wealth, which allows you to plan for future goals like your child’s education or your retirement. The median net worth of most modest-income homeowners is almost $60,000 compared to less than $10,000 for renters in the same income group (source: The Federal Reserve Board–Survey of Consumer Finance).
- Homeownership provides tax benefits: the typical homeowner that pays a $1,000 mortgage payment will realize a tax savings of about $120 each month.
Know the Facts
- Most experts agree that your mortgage payment should not exceed 33% of monthly gross income (this includes your mortgage principal, interest, home insurance, and taxes). This is just a rule of thumb so be sure to consider all of your monthly financial obligations when determining the right amount for you and your situation.
- Be sure to understand the type of loan offered to you. Be aware your payment may increase because of taxes or a variable interest rate. Be certain that you are able to make your mortgage payment and meet other financial obligations if your payment increases and your income does not.
- A financing option is not always the best option simply because it is available and offered to you. Be sure that you understand your loan terms and repayment obligations.
- Take a course about managing a monthly household budget and understanding your credit.
- If you encounter a “life-changing event,” contact your lender and discuss options for payments – they will very often work with you so that you can stay in your home.
- Most importantly, go into your home purchase well-informed. Ask questions and verify the information that you are given. Nationwide, more than 99% of homeowners manage homeownership successfully, enjoying all the benefits of owning their own home.
Additional Sources of Information
- The 106 Common Mistakes Homebuyers Make and How to Avoid Them
by Gary W. Eldred; 1994 - The American Bar Association Guide to Home Ownership
published by the American Bar Association; 1995 - Buy Your First Home!
by Robert Irwin; 1995 - A Guide to Homeownership
published by FannieMae Foundation; 1994
To obtain a copy contact:
Customer Education Group
3900 Wisconsin Avenue, NW
Washington D.C. 20016
1-800-357-1724
- The Homebuyer's Survival Guide
by Kenneth W. Edwards; 1994 - How to Buy a House
by Joel Makower; 1990 - How to Buy Your Home
by Sue Beck; 1984 - Tips and Traps When Buying a Home
by Robert Irwin; 1990 - First Home Buying Guide: How to Do it Right the First Time
by H.L. Kibbey; 1996
Useful Web Sites:
