As a relatively new homeowner, who thought I'd never be able to buy a home, it was never even a question of whether it was a good idea to buy a home, but rather if I'd be able to. Locally prices are constantly increasing for rental apartments- our first apartment's rent more than doubled in price in the 5 years we were living there, so if you stay in one place you just pay more and more and eventually get priced out and need to pay to move. And landlords are individual people that often do terrible jobs and you suffer because of that. But now I'm a home owner and a landlord and I see that being a home owner does come with extra costs that you don't originally realize. However, I'd still take being a home owner vs renter any day.
Homeownership has long been a pillar of the American Dream. Around the country, millions of individuals, couples, and families strive to buy their first home so they can experience the privacy it offers and put their money toward something that will benefit them in the future.
The decision between buying and renting is not an easy one. Renting is much more flexible because you are likely locked into a lease only for the next year as opposed to a 30-year mortgage. Additionally, you do not have as much of a burden to take care of the property, as repairs and major improvements can be handled by the landlord or property manager.
Buying the home so that you become the owner comes with a much different list of responsibilities. However, many would argue that the benefits outweigh the costs. Let’s talk about those benefits and why they are so convincing for those who want to own a home.