June is National Homeownership Month in the United States. This gives us an excellent opportunity to discuss modern homeownership trends, the value of homeownership to families and individuals, and the importance of electrical safety for homebuyers. If you are contemplating buying a house at any point in the future, this is a read for you. 

The State of Homeownership in the US

With each new generation, the rate of homeowners in the United States is falling, and the mortgage crisis of 2007-2010 has a significant role in it, as not every segment of the population has been able to recover. The Great Recession's impact has been especially drastic for black people and those aged 25-40 at the time of the crisis. As of 2020, the homeownership rate is 65 percent, and it is expected to fall to 62 percent in 2040 when Millennials reach middle age. Despite the percentage-wise decline, the number of homeowners will not decline numerically because of the population growth in every generation. Therefore, there will be more homeowners in 2040 than there are today.

Why Is Homeownership Important?

Despite everything, homeownership is still a part of the American dream, and it remains a goal for most young Americans. According to the polls, about 90 percent of Americans believe that the benefits of owning a house significantly outweigh the risks and sacrifices that come with it. Moreover, about 89 percent of Millenials express a wish to own a home at some point in their lives, and 100 million Americans plan to buy a house this year.

Indeed, there are many benefits to owning a home. It is linked to improved mental health and stability for children. House-owning remains one of the best long-term investments one can make. Homeownership helps you build equity instead of spending your money on constantly growing rent, as the house is always more expensive when you sell it.

Owning a house gives you privacy and complete control over your lifestyle as you can change the house to your liking, making it as comfortable as possible for yourself and your family. Finally, homeownership is beneficial for the community as homeowners are more invested in its well-being than renters. Studies find that the higher the homeownership rate in the community, the lower the crime rates. Moreover, homeowners are much more likely to vote in local elections and be active in the community.

Things To Consider When Buying A House

While homeownership might seem like a reasonable goal in itself, the house needs to fit your needs well and be safe. Every aspect of the house is essential for the pride of ownership, including the location, the sites surrounding the house, the size, the structure, the quality of building materials, and whether the house fits your particular lifestyle. 

If you buy an old house, you should also consider the renovation potential and the quality of wiring, fixtures, and lighting.

Disagreements and misunderstandings often happen when the previous homeowners decide to take out lighting fixtures or other significant house elements before leaving. Having a very detailed purchase agreement can save you many headaches and help you avoid misunderstandings like that one. For example, you can agree on the fate of built-in appliances, light fixtures, curtains, and other things. Another thing to take into consideration is the state of wiring and overall electrical safety.

The Role of Electrical Safety in Homeownership

Whether you're buying a new or an old house, checking electrical safety is crucial, but almost half of new homeowners overlook it. Not checking electrical safety before buying can result in costly rewiring and damage fixing. 

In our Home Electrical Safety Checklist blog, we have covered the main aspects of electrical safety that you should watch out for in your house. You can apply this checklist while inspecting the house you wish to buy. Having an electrical inspection performed by a professional would be an excellent opportunity to have. The electrical constructor can help you check the outlets and service panels and identify old wiring that should be replaced on behalf of the seller.

It would be best if you also collected a lot of information from the owner regarding the electricity in the house, including the wiring method used, the size of the electrical panel, GFCI protection, and existing renovation permits.

Copper wiring is the optimal standard for a modern house. While modern aluminum alloy is also an excellent material for house wiring, aluminum from the 1960s and 1970s that is used in the wiring of the older houses does not correspond with modern safety standards. It should be replaced because it tends to overheat. The styles of wiring from the 1950s and earlier are very outdated but are still present in some of the houses on the market.

If the state of the wiring in the house of your choice is concerning and the wires are outdated, you can persuade the seller to replace the wiring. At Nassau National Cable, we offer all types of modern house wiring, including Romex wire, underground feeder cables, THHN THWN-2 Copper Building Wire, and low-voltage cables.

Conclusion 

A general piece of advice for you as a new homebuyer would be not to compromise safety when buying a house. Instead, choose the house you can realistically afford while maintaining a reasonably high safety standard. While some minor issues might not seem like a big deal when you are house-hunting, you will have to deal with them when you move in, so it is best to do the damage control beforehand.