Renters: 6 Reasons You Should Buy A Home

Renters: 6 Reasons You Should Buy A Home

Renters: 6 Reasons You Should Buy A Home

If you sat on the sidelines in recent years as the housing boom came and went, you probably more than once thought it was time to ditch the renter's life and move up to a home of your own before prices got even higher.

Considering current market conditions, your patience may have paid off. Prices have come down. People are eager to sell. And, there are programs to help you get into your first home.

But what are some of the other reasons you should be considering in the purchase of a home? Here are six good reasons.

Happiness

1) This one is hardest to gauge, but we all know it's true. There something about having a home of your own that gives you a sense of accomplishment and satisfaction. For all the other reasons that will be listed below, this is the one that will likely be the most meaningful.

Financial security

2) In most cases, your home will be your single largest investment. Over the long term, it is the one investment you can count on to grow in value, instead of shrink in value. Now I know what you are thinking, that the market has reversed and many homes have lost value. That's true. But the same is true of investments in the stock market. Any good investment advisor will tell you that short term losses are part of the economic cycle and that in the long term your investment will pay off. There are never any guarantees but real estate remains one of the safest investment choices in the long term.

Tax deduction

3) As a renter, you don't get to take advantage of the home mortgage interest tax deduction, which is typically worth thousands of dollars every year. There are no tax write-offs for your rent payment. But as a homeowner, you get to write off the interest paid in your monthly mortgage payment. That's a huge savings and one you should look forward to utilizing.

Financial benefits

4) Also as a renter, your payment helps put a roof over your head, but when it's time to move out none of that money goes with you. As a homeowner, paying your mortgage is like paying yourself (and yes, the bank). But when you decide to move, much of the money you paid toward the purchase of the home comes back to you, in addition to the value of the home as it appreciates over time.

Privacy

5) Most of us will never escape noisy neighbors. As a homeowner, they are as far away as across the street, but as a renter they could be above your head or on the other side of a shared wall. There is a greater sense of privacy when you own your home, both from your neighbors and a landlord who occasionally may ask to inspect the interior of your apartment. Personal space is very important to all of us. A home is a great way to create your own escape from the world.

Freedom

6) There's nothing like being able to create a space for yourself based on your own interests, hobbies, tastes, and lifestyle. There is little you can customize in a rented space. Whatever personal touches you add to a rental they must be easily removable before the next occupant comes along. As a homeowner your house becomes an extension of you and your family. From color on the walls to play equipment for the kids to barbecues and work spaces, your house truly is yours to design.

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