3 Reasons Life-Long Renters Decided to Buy
Some people say they will be renters for life, I mean, it’s easy, virtually maintenance-free, and you let somebody else handle all of the major expenses like property tax, homeowners insurance, and any homeowners association fees. So why would someone that’s a devoted renter decide to buy? This unique article on MSN this week touched on the subject I thought it was a fascinating article talking about some of the main reason somebody who is a lifelong renter decided to buy. So let’s talk about those 3 Reasons Life-Long Renters Decided to Buy
#1. They were tired of moving.
Of course, you can rent a house for the rest of your life or an apartment or condominium, but if you really want some place of your own, to call your own, and not have to move again, owning is really the best way to go. If you know you want to stay put in a certain place owning is really the best option. You can settle down, build some roots, and get to know your community.
#2. Sometimes it just works.
Whether you are looking to buy because of an emotional response, financial response, or job response, sometimes all of the pieces fit perfectly, click together, and you know you have found a home you love. If you factor in mortgages, property tax, insurance and maintenance cost, you might be surprised at how much a monthly mortgage payment or housing costs can actually be. They may be very similar to renting when you factor in that you’re also putting money away for you. You are literally living in your investment and using it while it is working for you. No other investment does that for you.
#3. You finally want a place that feels like your own.
Sure, you can put up pictures on the wall and little knickknacks, but to have a place of your own that you can tear down the wall if necessary, paint something, remodel, and really make the place feel like your own is something that you can’t get from renting.
Owning also means you are responsible for major repairs, replacements, and things that will break over time. If you’re ready for that and you feel like you’re ready for that type of responsibility, owning is a great idea.
MORE
- The Importance of a Home Warranty
- What to know about the first year of homeownership
- Making the Switch to Landlord? Here’s how to hire a quality property manager
