Although, we each need, a so – called, place, to, hang – our – hats, and call our home, there are various options, and alternatives, in terms of how one chooses, whether he should, continue renting, or purchase, and own, a house – of – his – own! While, financial considerations, etc, are obvious factors, this article will, emphasize, 5 other, key factors, involved, and related, to why many choose to buy, rather than, rent! Remember, however, that each of us, have certain personal priorities, and a comfort zone, which, can, either, be real, or not, and/ or, of – service, or work, against our interests! With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these five considerations, and, why, they often, make a huge difference, in one’s approach, and actions, related to this.
1. American Dream: Many feel/ believe, owning a home, of one’s own, is a key component of the so – called, American Dream, and, want to claim, their part, of that perceived, deal! When, we own, our monthly payments, and costs, although, often, higher, than when we rent, instead of going, to a landlord, etc, build some financial equity, and, for the vast percentage of the public, the value of one’s house, is their single – biggest, financial asset!
2. Pride of home ownership: Beware of the dangers, of focusing, and emphasizing, Keeping up with the Joneses! It seems, many want, what is often, referred to, as, bragging – rights, and, having a house, to show – off, even, if, it may, mean, more stress, and less – than, the highest degree of happiness, and satisfaction, in the longer – run, with the purchase! Nevertheless, this pride – of – home – ownership, is, often, a major, significant factor!
3. Equity versus mere – expenses: When, we rent, we gain, no financial gain, from, the years of paying rent, and being a tenant! Although, some may not be equipped, for the responsibilities, etc, of home ownership, many first – time, buyers, focus on potential, equity gains, of their primary asset! However, it is, also, important, to consider, the dangers of trying to market – time, and/ or, flip houses, etc!
4. Tax advantages: There are several tax advantages, associated with owning a house. These include, deducting, mortgage interest – paid, as well as real estate taxes, from one’s gross income, in determining, net income, for tax filing purposes, etc.
5. Customizable: When, you rent, you live, in a place, owned, by someone else, and no matter, how – hard, you try to make it, yours, only, when you own, is it possible, to customize, living conditions, and quarters, to meet your personal needs, priorities, perceptions, and/ or, life – situations/ changes.
After, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have seen people, buy a home, for meaningful reasons, and, others, who depended, more, merely, based on emotional considerations! Be prepared, and proceed, wisely!