5 key reasons why many choose to own instead of rent!
While each of us needs a place to hang our hats and call home, there are several options and alternatives in terms of how one chooses whether to continue renting or buying. , and own, a house of your own! While financial considerations etc are obvious factors, this article will highlight 5 other key factors involved and related to why many choose to buy, rather than rent. Remember, however, that each of us has certain personal priorities and comfort zone, which may or may not be real and/or serve or work against our interests. With that in mind, this article will briefly attempt to consider, examine, review and discuss these five considerations and why they often make such a difference in one’s approach and actions in relation to them.
1. American dream: Many feel/believe that owning their own home is a key component of the so-called American Dream and want to claim their share of that perceived deal. When we own, our monthly payments and costs, although often higher than when we rent, rather than go, from a landlord, etc., we create some financial capital and, for the large percentage of the public, the value of the one’s house, it is his only – greatest financial asset!
two. Pride in Home Ownership: Beware of the dangers, of focusing, and emphasizing, Keep up with the neighbors! It seems that many want, what is often known as, bragging rights and, to have a house, to boast, even, if it can mean, more stress and less – that, the highest degree of happiness and satisfaction, in the long run , with the purchase! However, this pride of home ownership is often an important and significant factor.
3. Equity versus parent company – expenses: When we rent, we earn, not financially, from years of paying rent and renting! Although some may not be equipped for the responsibilities, etc., of home ownership, many first-time buyers focus on the potential capital gains of their primary asset. However, it is also important to be aware of the dangers of trying to market: time and/or changing houses, etc!
Four. Tax advantages: There are several tax advantages associated with owning a home. These include the deduction of mortgage interest paid, as well as real estate taxes, from gross income, to determine net income, for tax reporting purposes, etc.
5. Customizable: When you rent, you live, in a place, owned by someone else, and no matter how hard you try, you try to make it your own, only when you own it is it possible to customize the living conditions, and accommodation, to meet your personal needs, priorities, perceptions and/or life situations/changes.
After more than 15 years as a licensed real estate seller in New York State, I have seen people buy a home for significant reasons and others that were more simply based on emotional considerations! Prepare yourself and proceed wisely!