10 Reasons People Decide to Buy a Home
Renting is a very
frustrating way of life. The money you pay every month disappears,
leaving you with few benefits other than a roof over your head.
Compared to owning a home, renting is a futile exercise that leaves
you with nothing after your lease is up. It’s no surprise that people
want to get out of the rent race, and here are 10 reasons why people
decide to buy a home versus renting.
1. They Want to Build Equity
Homebuyers
build equity as their property increases in value over time. This
equity has many benefits, including the ability of a homebuyer to
leverage equity in lines of credit to make repairs or additions to their
home. Equity is a powerful thing and a natural consequence of home
ownership. Renters never gain equity in their rental space, and at the
end of their lease they are thrown out on the street with nothing to
show for years of on time rental payments.
2. They Don’t Want to Throw Their Money Away
Without
equity, what does paying your rent on time gain you every month? The
truth is that paying rent guarantees a roof over your head for about 30
days and nothing more. In that sense, renting is like an extended stay
hotel in that at the end of your rental period or lease you have
nothing to show for the money you’ve paid. This makes renting a
terrible investment when compared to home buying.
3. They Want More Space
It’s
incredible how little you get for your rental payment each month. Most
renters are lucky to have even a tiny balcony, let alone roomy closets
o storage space. Many homes come with luxurious yards and spacious
garages for storage. This makes buying a home an attractive option for
those who prefer to stretch their legs.
4. They Want to Make Upgrades
Most
leases forbid the renter from altering the rental space. For those do
it yourselfers, this can mean a boring living experience. Home buyers
are not only allowed to make upgrades, but doing so can be a great
investment and raise the overall value of your home. From an investment
perspective, this is a no brainer.
5. They Don’t Want to Pay Extra to Own Pets
For
those pet lovers out there, renting can be a major financial
undertaking Pet deposits can be very expensive, and some apartments add a
monthly premium to rent just for having a pet, and separate
deposits/premiums for each pet. These fees can add up fast! Homebuyers
don’t have to deal with these sorts of fees, and they can also typically
provide a better environment for their pets as well.
6. They Don’t Want to Be So Close to Noisy Neighbors
Have
you ever lived on the second floor of a 3 story apartment complex?
Wild partiers underneath blaring music at 4AM and home fitness gurus
doing jumping jacks above you can make you realize just how annoying
living so close to your neighbors can be. Homebuyers can sometimes deal
with annoying neighbors as well, but at least they’re not rattling
your chandelier when they stomp their feet down the hallway.
7. They Don’t Want to Deal With a Landlord
Sometimes
dealing with a landlord can be tough. Some landlords are not very
friendly or flexible, and won’t hesitate to throw you on the street if
rent isn’t on time. Other landlords can be so distant that problems with
rent or appliances don’t get resolved for months or even years. As a
homeowner, there’s no landlord to deal with and you have the freedom and
independence of conducting business on your own terms.
8. Their Hobbies Make Renting a Bad Idea
Drummers
and musicians need a place to live, but do you want them living above
you in a cramped apartment complex? For those renters who have hobbies
or professions that are noisy or require space, renting just isn’t an
option for them. Owning a home with plenty of space is their only way to
go.
9. They Don’t Want to Deal With Deposits
Security
deposits? These never seem to work out in the renters favor and come
moving time it always seems like every little problem leads to
forfeiture of the sometimes huge security deposits we have to pay just
to sign the lease. Home buyers don’t have to deal with this as their
home is more closely tied to their assets and their individual
independence.
10. They Want to Live the American Dream
Owning a home is a
big part of the American dream, and most people would say that the
independence, autonomy, and sense of accomplishment that owning a home
brings is an essential part of the American way of life. Does renting
an apartment do the same?
Article by
Ann Douglas of DoorFly.comArticle by
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