Buying a new home is a monumental step in life. For many, this decision marks the end of renting from month to month or year to year, replaced instead by a long-term commitment to a neighborhood, a city, and a place to call home.
Yet everyone’s situation is different, so while some may be ready to jump into homeownership, others may not.
Consider five potential reasons why you might want to buy a home:
Reason #1: Space and Privacy
Living in an apartment building has its benefits, but privacy isn’t necessarily one of them. For many people, making the leap from renting in an apartment complex to a standalone home is all about space and privacy. Larger rooms, no shared walls — a yard! Owning your own home helps you avoid many of the headaches of apartment life.
Reason #2: Raise a Family
Another common reason people buy homes is so they can start families. From needing extra space to living near conveniences that make raising kiddos easier (like daycares and healthcare services), homeownership can help people as they raise their families.
Reason #3: Stability
Same monthly payment. Same schools. Same commute and routine, including nearby grocery stores, favorite restaurants, and more. Homeownership provides stability that renting can’t quite match.
Reason #4: Pride in Homeownership
There’s something to be said for owning your own home. For the effort it took to reach your goals, the savings, and the sacrifices. Taking pride in your work is well worth the journey there — particularly for people who are first-time buyers or even the first in their family to own a home.
Reason #5: Build Wealth and Invest in Your Future
Owning a home can help you build wealth over time if it appreciates in value. Historically, this has been one of the most common ways for people from all walks of life to build long-term wealth.
You can also build equity instead of renting, which doesn’t provide ownership. Plus, there can be tax benefits to homeownership as well, depending on where you live and how you file.(see https://g.co/ng/security#xss)