10 Reasons People Decide to Buy a Home
Today, we have a special treat. Ann Douglas of DoorFly.com is our guest blogger explaining why most would prefer to own. Enjoy! – The KCM Crew
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?
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Here you give the top 10 reasons for people have to decide to buy a home. In the renting home you pay rent every month and after that you feel not good in a home. Everyone have a dream to their own luxurious home. There are so many benefits of own home than renting home.
I think if the events of the past few years have taught us anything, it’s that there’s a time (when you’re financially able to make a downpayment and pay a mortgage) for homeownership, and a time (when you’re building, or re-building a solid credit history) for renting.
There are plenty of great rental properties that offer all the amenities of a home of one’s own, with the notable exception of equity. You can own a condo in a high-rise building and have lousy neighbors, too; and not every homeowner has a great yard and tons of storage space.
My point is not to disparage home-ownership; it’s simply to acknowledge that it’s not appropriate for everyone all the time. In our business, we focus on helping people find a place to live that’s the right fit for them — whether they’re buying or renting, it’s still the place they call home, and we should do what we can to help make it a happy one!
Sheila V Barr, SCRP
Director, Relocation and Property Management
Patterson-Schwartz Real Estate
Or the house had beautiful color inside and knew that they wouldn’t have to repaint.
It makes sense that people typically purchase homes so that they do not have to pay extra to have pets live in their apartments. My wife and I have just adopted a dog and want to find a new home with a large yard that he will be able to enjoy. It may be a good idea for us to start looking for some houses so that we can ensure that our dog is properly taken care of.
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I like how the article explains that people often buy homes because they want more space in their home. My husband and I are wanting to have more space for our children and us but we want to have a luxury home. We will look into buying a luxury home. https://www.edmontonrealestatepro.ca/luxury-homes/
It was interesting when you explained that home buyers are able to provide a better environment for pets in addition to the benefit of avoiding pet deposits and fees. Lately I’ve been wanting to learn about owning a home because my husband and I are considering moving to an area with cooler weather. I’m happy that you shared this article because we do have two dogs, and you helped me understand why buying a single family home would be a good option for us. https://www.gardnerregroup.com/homes-for-sale-in-portland-me
I like how you said a home can give the extra space you want. My wife hasn’t stopped talking about how she wants a more spacious closet for her clothes, and I can’t stop thinking about a spacious garage for some projects I have in mind. Maybe getting a nice single-family home would be a good idea for us in the next year so we can upgrade our desired spaces. https://www.chrisconniewilliams.com/
I like how you mentioned that homebuyers build equity as their property increases in value over time. my sister wants to buy a house and she does not know what she needs besides money to gt a nice house. I will recommend her to ask a professional so she can get the right home. https://www.eugene-oregon-homes.com/featured-searches/luxury-home/
I agree with you that buying a new real estate property can guarantee you a larger yard and more spacious storage areas. My sister and her family need to move to a bigger house because their family is growing, and her husband’s mom will be joining them. We’ll be sure to find a house for my sister’s family that’s accessible to both of my nieces’ school.
Thanks for explaining that buying a home is a good idea if you are interested in having access to a yard. I remember my wife mentioning that she would like our newborn son to have plenty of room to play outside once he is old enough to walk. Maybe we should consider getting a home with a big yard.
This post makes an interesting point that building equity through a second property. However, I do agree that before purchasing a second property it is important to look into the market condition and such. I will definitely look into the market condition before purchasing a property.
I like that you said one of the main reasons why people want to buy a home is so they wouldn’t have to live so close to noisy and annoying neighbors who blast music in the middle of the night or have daily screaming matches. That’s actually the reason why my husband and I plan to buy a single-family home soon. We currently have married neighbors who fight physical loud fights daily that’s affecting our way of living. Great article!