June is National Homeownership Month
Monday, June 27, 2022
“Whether you own or rent a home, you’re invested in and connected to the place you live. While homeownership is a good fit for many, renting also helps people invest in their communities and build wealth for their families and generations to come.” Tom Vilsack, USDA Secretary
“June is National Homeownership Month, when we promote the benefits of homeownership and recommit to creating opportunities for future homeowners.” - NAR
Benefits of Homeownership
For those wanting to own their home, here are some benefits that come with homeownership:
- Tax deductions non-applicable to renters - varies by state
- Long-term investment you ultimately control
- A sense of pride and mature responsibility
- Increases creditworthiness
- Increases personal net worth
- Increases civic participation
- Lower crime rates within the community as homeowners tend to be more vigilant at protecting their investments
- Increased privacy and seclusion
- Equity - different version of a savings plan
With so many reasons for homeownership, there are three main reasons some residents choose to forever rent:
- Upfront buying cost - down payment, escrow, closing costs, realtor fees, etc.
- Paperwork - lending application, document copies, notary, forms to complete, etc.
- Mature responsibility - if something breaks, no landlord or property manager to call
Homeownership is the American Dream for many, not all.
Golden Belt Heights for Future Homeowners
Closing out National Homeownership Month, was the groundbreaking ceremony of Golden Belt Heights - East, which remained vacant for 15 years until June 2022. According to their website, Golden Belt Heights is “Abilene’s newest and largest housing development, part of a Rural Housing Incentive District.”
The Heights - East (for short), started with 40 lots costing $7,500.00 each. It now has 23 lots available for purchase and building. Within the 17 lots sold, future homes to be sold are now being built. Each piece of land comes with a set of Covenants, 20 to be exact. In order to maintain consistency, all single-family residence structures must be at least 1,000 square feet minimum, with an attached two-car garage or built-on garage. From here, the Covenants become more detailed.
Because this is property sold by the city of Abilene, there are 10 Policies and Procedures Governing the Sale or Properties. Please review them before attempting to purchase land with the intention of building a home. Not everyone is approved and the slightest mistake can withhold purchasing.
Available lot information for Golden Belt Heights - West will be coming. Right now, there is only one duplex on the site.
For all inquiries, contact Ross Vogel at Heartland Housing partners 816-686-6600.