What is your reason for buying a home?
I do a homebuying class and I always lead with what are the reasons for buying a home. Here are a few of the top reasons that come to mind but perhaps not in the same order homebuyers think of it:
1) BUILD WEALTH I always lead with this one. Anyone can be a homeowner if they want to be and do the things that make it a reality. See below, this is from AI.
According to most studies, homeowners typically have around 40 times higher net worth than renters, meaning a homeowner's wealth is significantly greater than a renter's; with data showing a median homeowner net worth of around $255,000 compared to a renter's net worth of only $6,300
2. FLEXIBILITY/CONTROL TO DO WHAT ONE WANTS WITH THE SPACE This one I believe a lot of potential buyers rank pretty high on the list. No landlord can tell you colors to paint or whether you can have pets. If a renter does any home improvements they benefit the owner of the property. Some people have rented their entire lives, paying off the mortgage, and in the end have nothing to show for it.
3. SECURITY AND STABLILITY I consider this one very important. Owning your own home means you and your family are the only ones roaming the halls, you don't have to listen to anyone else's music or TV, you don't have to be concerned about the rent going up or the landlord deciding to sell the home and give you the boot. Whereas being a homeowner may carry with it the fact real estate taxes and homeowner insurance never goes down, there are opportunities with a fixed interest rate loan or sometimes to refinance and cut costs.
4. PRIDE OF OWNERSHIP I feel like most homeowners have a feeling of accomplishment having their own home. Pride of ownership contributes to overall well being.
Now when I think of owning a home I think of the wealth factor first, however #2 and #3 were probably what I thought about when I bought my first home. I recall my last rental, a duplex where the owner lived on the other side, who had wild, loud parties. I recall an apartment complex where I could smell everyone's dinner and fights broke out across the hall on the regular.
Your primary reason for buying a home can be different from another, but all the above apply. Here's to your future home!
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