While each of us needs a place to hang our hat and call home, there are several options and alternatives in terms of how one chooses whether to continue renting or buying. , and own, a house of your own! While financial considerations etc. are obvious factors, this article will highlight 5 other key factors involved and related to why so many choose to buy, rather than rent. Remember, however, that each of us has certain personal priorities and a comfort zone, which may or may not be real and/or serve or work against our interests. With that in mind, this article will attempt to briefly consider, examine, review and discuss these five considerations and why they often make a big difference in one’s approach and actions in relation to it.

1. American dream: Many feel/believe that owning a home is a key component of the so-called American Dream and they want to claim their piece of that perceived deal. When we own our monthly payments and costs, although often higher than when we rent instead of going to an owner, etc., we create some financial capital and, for the large percentage of the public, the value of the one’s home, is their only – greatest financial asset!

2. Pride in Homeownership: Beware of the dangers, of focusing, and emphasizing, Keep up with the neighbors! It seems many want what is often referred to as bragging rights and owning a home to even brag if it may mean more stress and less than the highest degree of happiness and satisfaction in the long run. , with the purchase! However, this pride of home ownership is often an important and significant factor.

3. Equity versus parent – expenses: When we rent, we win, we don’t win financially, from the years of paying rent and being a tenant! Although, some may not be equipped for the responsibilities, etc., of home ownership, many first time homebuyers are focused on the potential capital gains from their primary asset. However, it is also important to be aware of the dangers of trying to market: time and/or changing houses, etc.!

4. Tax advantages: There are several tax advantages associated with owning a home. These include the deduction of mortgage interest paid, as well as real estate taxes, from gross income, to determine net income, for tax reporting purposes, etc.

5. customizable: When you rent, you live, in a place, owned by someone else, and no matter how hard you try, you try to make it yours, only when you own it, it is possible to customize the living conditions, and accommodations, to suit your personal needs, priorities, perceptions and/or situations/life changes.

After more than 15 years as a licensed real estate seller in New York State, I have seen people buy a home for meaningful reasons and others that depended on, more simply, based on emotional considerations! Prepare yourself and proceed wisely!