According to the National Association of Realtors, “…for the last three years…Generation Y/Millennials (buyers 18 to 35) is the largest share of home buyers at 35 percent.” Why would so many people, especially Millennials, want to buy a home? Here a few reasons that may motivate you to take that leap.
1. Do What You Want. Not all landlords will let you paint the walls of your rented space a bright pink, hang a hammock from the ceiling, or let you put racks on the walls to hang your snowboard. Most of the time you have to ask "permission" to do any changes to a rental. Are we still living at home and need to ask? Nope, but feels about the same. If the home is yours, you can pretty much do what you want to decorate the inside. An HOA and laws might put some curbs on your outside changes but for the most part, the inside is all yours!
2. Tax Deductions. Who wouldn't want to save some money on taxes? If you own, verses rent, you can deduct some interest that you have paid. Obviously if you are renting, this is not an option. Talk to your accountant or a tax attorney to see what your options are in this regard and enjoy an additional bonus of homeownership!
3. Potential Financial Gain. Real estate markets ebb and flow, so it may not always be true that the mere fact that you own a home means you are gaining equity, but it often is possible. You can potentially take a loan on built-in equity and use it for other things such as a vacation, home improvements, or to pay off other debt. You may use the property as an investment later by renting it out or even make some money when the home is sold. If you rent, these are not options. The money that you pay each month is merely gone. Owning a home also will increase your credit score, as long as you, obviously, don't miss payments. This can help with insurance costs and can possibly even help get better jobs.
4. Pride. So there is no need to go around bragging on Facebook, SnapChat, and Instagram every day about your home, but there is a sense of pride in being able to say you are a "homeowner." Those boxes you have to check sometimes that ask if you "rent" or "own?" Well, Baby - you can proudly check "OWN!" Owning a home still tends to be seen with respect and the idea that you are a grown-up, responsible, and mature. I promise not to tell anyone otherwise. Your secret is safe with me!
If you would like to explore your options with regard to buying or selling a home, you are welcome to text, email, or call. You may also click on the "Homes For Sale" tab at the top of the page and explore the homes that may be available.
I am a real estate broker, attorney and mediator. I am blogging from my own ideas and perspective. Although I am a licensed attorney, these are not intended to be legal advise.