- Real Estate

5 Reasons Why Many People Prefer To Buy Rather Than Rent!

Although we all need a place to hang our heads and call home, there are a variety of options and alternatives to consider when deciding whether to continue renting or to buy and own a home! While financial concerns and other obvious aspects are important, this article will focus on five more crucial variables that are involved in and related to why many people prefer to buy rather than rent! Remember, however, that each of us has particular priorities and a comfort zone, which might be genuine or imagined, and/or serve or work against our best interests!

With that in mind, the purpose of this essay is to briefly evaluate, study, review, and debate these five issues, as well as why they often make a significant impact in one’s approach and actions in this area.

1. American Dream: Many people believe that owning one’s own home is an important aspect of the so-called American Dream, and they want to be a part of it! When we own, our monthly payments and costs, while typically more than when we rent, develop financial equity instead of going to a landlord, and, for the vast majority of the population, the value of one’s home is their single – greatest, financial asset!

2. Homeownership pride: Beware of the hazards of obsessing over and prioritising “keeping up with the Joneses!” Many people tend to want what is commonly referred to as “bragging rights” and “having a house to show off,” even if it means more stress and less than the highest degree of happiness and fulfilment in the long run! Nonetheless, pride in owning a property is frequently a large, substantial aspect!

3. Renting vs. owning: When we rent, we obtain no financial benefit from the years of paying rent and being a tenant! Despite the fact that some people are unprepared for the obligations and other aspects of home ownership, many first-time purchasers concentrate on the possibility for equity growth in their major asset! However, it is also critical to examine the risks of attempting to market – time and/or flip houses, for example!

4. Tax benefits: There are various tax benefits that come with owning a home. These include subtracting paid mortgage interest and real estate taxes from gross income when calculating net income for tax purposes, and so on.

5. Customizable: When you rent, you live in a place that someone else owns, and no matter how hard you try to make it yours, only when you own can you personalise your living conditions and quarters to match your particular wants, priorities, perceptions, and/or life – situations/changes.

After more than 15 years as a Real Estate Licensed Salesperson in the State of New York, I’ve seen folks buy homes for important reasons, and others who rely on emotional considerations more than anything else! Prepare yourself and proceed with caution!