You've probably seen lots of financial arguments about why you should ownyour own home rather than rent. This includes budgeting (no rent increases)and the tax savings you'll most likely have. Now I'm going to give you somereasons you probably haven't heard.
Freedom to pursue other goals in life once the major goal of home ownershipis achieved
Strange as it sounds, many of my first-time buyers have told methat once they bought the house, other things in their life started to fallinto place. It's as if not owning took so much of their mental energy thatother goals were not worked on until that big goal was reached. So buy ahome and get on with your life!
A greater sense of belonging to the community
Once you own a home, you feel more attached to the city in which you live.You're more interested in what happens in town, to the roads, schools, andshopping areas. Some people even become involved in local politics, whichyou seldom see a renter do.
A commitment to something, a sense of stability
Home ownership is an anchor, something that cannot be pulled out from underyou. You'll never get a notice that you have to move. You're kids will neverhave to change schools. It gives you freedom to plan years ahead.
You can change things, a feeling of being in control
It's your home. You can add to it, remodel it, change the landscaping, dowhatever projects you want. You have a feeling of being in control ofsomething in your life. At work we don't always have control of whathappens, but your home is your castle that you have dominion over. You cansee what you're building take shape before your eyes.
More control over the children than in an apartment complex
In a neighborhood, kids usually play in the yards or go to friend's houses afew doors away. My clients have told me that in an apartment complex theynever knew where the kids were. They could be in any of hundreds ofapartments, doing who knows what. In a home you get to know the neighborsand watch out for each other's kids.
Children do better in school and feel more secure
This one surprised me, but buyers have reported to me that their kids calmeddown in school after they bought a house. I don't know why, but it seems towork that way. I remember a single mom watching her son play in the yard,making steps in the slope and building things. She didn't have to tell himto leave everything alone, like she did at the apartment complex. I guesskids feel the same need for control we adults do.
Time and money saved by not going to the Laundromat
A small point, but if you have kids, you know the value of this one. Yougain a whole evening a week when you buy a house! The wash gets done inbetween other things, or while you're at work. What would you do with theextra evening you'll have? How about going out for dessert with your spousewith all those quarters?
We've been in a home of our own for so long; we take these benefits forgranted. We forgot what it's like to be renters! If you have anything youcan add to the list, please let me know via email. I'd love to hear fromyou!