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Benefits of Owning a Home and Tips to Get You There

Have you ever dreamed of owning a home, but think the idea of saving and preparing for homeownership is too daunting?  Can you visualize yourself in your new home relaxing with a beverage on your porch?  SGV Habitat has been helping families achieve the dream of homeownership since 1990.

Our vision is a San Gabriel Valley and a world where everyone has a decent place to live.  We continue our work toward this goal through our homeownership program, our critical home repair program, donations to our Restore, our Cars for Homes program, volunteers, and donations made by individuals, corporations, and community partnerships.

At SGV Habitat  we “partner with homebuyers on their path to homeownership.  Every approved homebuyer in our program, participates in our Homebuyer Education Program (HBE) designed to promote knowledge, stability, and self-sufficiency in preparation for the home buying process.  The information provided to our homebuyers, is beneficial for anyone who is planning on purchasing a home. These are useful tips that can help prepare you for a future as a homeowner. 

Our HBE program include topics such as:

  • Saving and budgeting
  • Managing and improving credit
  • Homeowner responsibilities and home maintenance
  • Loan closing and escrow preparations
  • Strategies for saving for a down payment for a house, and eliminating debt
  • Preparing for major home repairs
  • Tax benefits of homeownership

Educating yourself in preparation of homeownership can have long-term benefits. This can diminish the inevitable bumps in the road that most homeowners face and will prepare you for advantages like wealth management and long-term savings.  HUD (Housing and Urban Development) offers many on-line education programs.  For more information on these programs you can visit:


Homeownership often begins with saving. The first step to savings is to evaluate your budget.  Figure out all your expenses—ALL your expenses—that means even your drive-thru specialty coffee drink! This can be done simply with a pen to paper, excel spreadsheet or free online spending trackers.  It is important that you include “savings” in your budget.

Photo Credit: Micheiledotcom

 Financial experts recommend saving approximately 20% of your income.  One of the most proven ways to save, is to have money withdrawn from your check each month and transferred into a savings account.  Over time you may be amazed at how much money you can save.  If you have a specific amount of money you wish to save, there are free on-line calculators that can help you determine how much money you need to save every month to achieve your  goal.  For example, if you currently have $500 in a savings account and wish to save $5,000 over a 2-year period, you will need to deposit $183.00 each month to hit your target goal.  With an interest rate of 2% you will have earned about $100 in interest –that’s added free money! 


Using a house to save on your overall tax burden is one of the many benefits of homeownership. California tax law allows homeowners to deduct a portion of their property tax and their mortgage interest on the home loan.  Consult a CPA for details on the most updated tax law.

Photo Credit: Kostiantyn Li


According to the U.S. Department of Housing and Urban Development, California has the 2nd highest median rent in the United States.  With each year, rents are rising at unprecedented numbers. When you pay a mortgage, instead of rent, you are investing in an asset, building your personal wealth. 

Often renters have no control over rent increases. As a homeowner, you have opportunities to obtain a fixed rate monthly payment.  If interest rates drop below the initial term of the loan, refinancing can be available to further reduce the homeowner’s monthly payment adding more financial wealth and freedom. 

According to the Federal Reserve’s 2020 Survey of Consumer Finances, homeowners have a net worth that is 40 times greater than their renter counterparts, reinforcing the idea that owning a home is the path to financial stability.  At SGV Habitat we provide families a hand up toward their dream of homeownership. While we do not have any openings in our program right now, you can visit our homeownership section on our website to see the qualifying parameters of our program. Following these tips will help you on the path to apply for our program, or other home buying opportunities, when they become available.   

For updated information about our homeownership program, sign-up for our newsletter here:  and follow us on our social media platforms.


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