Editing Owner-occupancy (section)

== Acquisition ==
Some homes are constructed by the owners with the intent to occupy. Many are [[inheritance|inherited]]. A large number are purchased, as new homes from a [[real estate development|real estate developer]] or as an existing home from a previous [[landlord]] or owner-occupier.

A house is usually the most expensive single purchase an individual or family makes, and often costs several times the annual household income. Given the high cost, most individuals do not have enough [[saving|savings]] on hand to pay the entire amount outright. In developed countries, [[mortgage loans]] are available from financial institutions in return for [[interest]]. If the home owner fails to meet the agreed repayment schedule, a [[foreclosure]] (known as a repossession in some countries) may result.

Many countries offer aid to prospective homebuyers to make their purchases. These measures include grants, subsidized mortgages, and mortgage guarantees. Prospective homebuyers may have to meet certain qualifications to qualify for government aid, such as being a first-time homebuyer or having an income below a certain threshold.<ref>{{cite web|url=https://www.oecd.org/els/family/PH2-1-Public-spending-support-to-home-buyers.pdf| title=Public spending on financial support to homebuyers| access-date=21 September 2020| website=OECD| date=16 December 2019}}</ref>