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. The Dream: Many feel/ believe, owning a home, of one’s own, is a key component of the so – called, 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.
We have seen people, buy a home, for meaningful reasons, and, others, who depended, more, merely, based on emotional considerations! Be prepared, and proceed, wisely!