Although, we each need, a supposed, place, to, hang – our – hats, and call home, there are many options, and alternatives, when it comes to how one chooses, whether he should, continue renting, or purchase, and own, a family house – of – his – own! While, financial considerations, etc, are obvious factors, this article, emphasize, 5 other, important aspects, involved, and related, to why many decide to buy, instead of, rent! Remember, however, that every of us, have certain personal priorities, as well as a comfort zone, which, can, either, be real, you aren’t, and/ or, of – service, or work, against our interests! With, that in your mind, the following paragraphs will attempt to, briefly, consider, examine, review, and discuss, these five considerations, and, why, they often times, generate a huge difference, in one’s approach, and actions, in connection with this.
- American Dream: Many feel/ believe, running a home, within your own, is really a key component of the so called, American Dream, and, would like to claim, their part, of these perceived, deal! When, we own, our monthly premiums, and expenses, although, often, higher, than whenever we rent, rather then going, with a landlord, etc, build some financial equity, and, for that vast percentage from the public, the value of your house, could be the single – biggest, financial asset!
- Pride of proudly owning: Beware with the dangers, of focusing, and emphasizing, Keeping up while using Joneses! It seems, many want, precisely what is often, called, as, bragging – rights, and, having a home, showing – off, even, if, it may well, mean, more stress, and fewer – than, the best degree of happiness, and satisfaction, inside longer – run, with all the purchase! Nevertheless, this pride – of – home – ownership, is, often, a significant, significant factor!
- Equity versus mere – expenses: When, we rent, we gain, no financial gain, from, time of paying rent, and as being a tenant! Although, some might not be equipped, with the responsibilities, etc, of proudly owning, many beginning, buyers, consentrate on potential, equity gains, of these primary asset! However, it can be, also, important, to think about, the hazards of trying to offer – time, and/ or, flip houses, etc!
- Tax advantages: There are several tax advantages, regarding owning a residence. These include, deducting, mortgage interest – paid, together with real estate taxes, from one’s gross income, in determining, net profit, for tax filing purposes, etc.
- Customizable: When, you’re renting, yourr home is, inside a place, owned, by somebody else, without matter, how – hard, you are trying to make it, yours, only, if you own, is it feasible, to customize, living conditions, and quarters, in order to meet your personal needs, priorities, perceptions, and/ or, life – situations/ changes.
After, over fifteen years, being a Real Estate Licensed Salesperson, inside State of New York, I have seen people, purchase a home, for meaningful reasons, and, others, who depended, more, merely, determined by emotional considerations! Be prepared, and proceed, wisely!