What is your take on the American dream? Are you hoping to buy your first home at some point? If so, you are not alone. Generations of Americans have been raised to believe that home ownership is the pinnacle of success. It may or may not be for you, depending on your view of the world.
Owning a home is clearly not the right choice for everyone. On the other hand, it seems like some people were made to be homeowners. If you consider yourself part of the second group, good for you. Below you will find five reasons that may reinforce your decision to buy instead of renting.
1. You’re Planning to Stick Around
You may be the rare person who has found a career position you fully intend to stay in until retirement. And because you don’t plan to leave the company, you are also not planning to leave the area. While there are no guarantees, your plans suggest that buying a home will work in your favor. Some 30 years down the road, your house will be completely paid for and you’ll only have to pay property taxes and maintenance. Spending less on housing means more money for retirement.
2. The Market Is Rather Cold
The housing market is pretty hot right now, but it is likely to cool down at some point in the future. Buying when the market is outright cold could be a good financial decision on your part. Salt Lake City’s CityHome Collective real estate brokerage explains it from an investment standpoint: buying a house at the point that prices bottom out often translates into instant equity. When the market heats up again, your house could gain tremendous value. Selling at peak maximizes your profit.
3. You’re Looking to House Your Parents
As a young person, you realize that your parents might someday not be able to live on their own. You don’t like the idea of a nursing home or assisted-living facility. One obvious solution is to buy a home with the intent of having them live with you when the time comes. Your parents could still live with you in an apartment, but the cramped living arrangements could ruin what would otherwise be a phenomenal experience.
4. You Want the Freedom of Ownership
Even if home ownership never produced a dime in profit, there is something to be said for the freedom that comes with it. When you rent an apartment, you cannot remodel the kitchen to make it what you want. You might not even be allowed to do something as simple as paint the walls. On the other hand, buying makes you the king of your castle. You have the freedom to do with your property as you see fit. For some people, that’s a big deal.
5. You Need or Want the Space
Buying a home can be a genuine necessity born of the need for space. For example, a family of five would have a challenging time living comfortably in an eight-hundred-square-foot suburban apartment. They really need more space and an extra bedroom or two. And of course, outdoor space is invaluable to some people. If that sounds like you, buying might be the better choice.
Housing is not a black-and-white thing by any means. Some people prefer to rent their entire lives. Others rent because they do not have the means to buy. Still others decide that owning a home is their best option. It is all good. At least now you have five reasons to consider buying instead of continuing to rent.