9 Reasons to Buy Versus Rent your Home!

1. Pride in Owning: Most people buy homes to have control over where they live. Although investment features are important, the psychological reasons for buying--the satisfaction of owning and freedom from paying rent--are at least as important.

In a survey done by the National Association of Realtors of 6,000 homeowners and 2,000 renters--perhaps the largest survey ever of attitudes toward home ownership--it was shown that 76% of owners and 66% of renters considered pride of ownership an important reason for buying.

2. Dislike paying Rent: Close to 7 in 10 of almost equal portions of owners and renters expressed a dislike of paying rent as an important reason to buy. Renting offers a lifestyle that's nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefit, and no protection against regular rent increases. Writing a rent check is just like watching your hard-earned money sail away! 

3. Settling Down: More than 6 in 10 renters said "settling down" was an important reason to by.

4. Good Investment: 76% of owners and 69% of renters said that the investment aspect of ownership was important.

5. Tax Advantage: Property taxes and qualified home interests are deductible on Schedule A, for itemized deductions.

6.Long-Term Appreciation: People consider homeownership a good investment because they view it as a long-term venture. Historically, home prices have risen at relatively steady rates. Existing home prices rose an average of 4% per year between 1980 and 1992.

7. Leverage Investments: People borrow a great deal to buy homes, yet they receive the full benifits of price appreciation. In the long run, investments in homes far out pace inflation rates.

8. Source of Savings: Homeownership always has been and continues to comprise the singel largest source of savings for American households. Howeowners build equity and can borrow against it.

9. Sacrifices Are Worth It: Almost 7 in 10 renters in the National Association of Realtors homeownership survey said that they planned to buy a home in the future. More than three-quarters of these people said they were willing to sacrifice to do that.

 


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