Renting can be frustrating. The money you pay every month disappears, leaving you with few benefits other than a place to stay. It is no surprise people want to stop renting and start owning. Here are eight reasons why:
- They want to build equity Homebuyers build equity as their property increases in value over time. This equity has many benefits, and is a natural benefit of owning a home. Renters never gain equity in their rental space, and at the end of their lease have nothing to show for years of on-time payments.
- They don’t want to throw their money away Without equity, what does paying your rent on time each month gain you? The truth is paying rent guarantees you a place to stay for another month and nothing more. This makes renting a poor investment compared to home buying.
- They want more space Most renters have to deal with cramped spaces and limited storage. The extra room that comes with most homes make them attractive to those who prefer to stretch their legs.
- They want to make upgrades Most leases forbid the renter from altering the rental space. Home buyers are not only allowed to make upgrades, but doing so can be a great investment and raise the overall value of your home.
- They don’t want to be so close to noisy neighbors Anyone who has ever lived above or below neighbors in an apartment complex knows just how annoying all that noise can be. Homebuyers can sometimes deal with annoying neighbors as well, but at least they’re not in the same building.
- They don’t want to deal with a landlord Dealing with a landlord can be tough. Some landlords are not friendly or flexible, especially when it comes to late payments. Other landlords can be so distant that problems don’t get resolved for months or even years. Homeowners have no landlord to deal with and have the freedom and independence of conducting business on their own terms.
- They don’t want to deal with deposits Security deposits never seem to work out in the renter’s favor. It seems like every little problem leads to forfeiture of the sometimes huge security deposits renters pay just to sign the lease. Homeowners can say “so long” to security deposits.
- They want to live the American dream Owning a home is still a big part of the American dream, and most people would say that the independence, autonomy, and sense of accomplishment that owning a home brings is an essential part of the American way of life. Renting an apartment just doesn’t seem to do the same.