Most kids growing up were told a dreamy narrative of homeownership—that they could (and should) buy a house, and that it would be easy to do. While buying a house is exciting, you as an adult should realize that homeownership is primarily an investment. Of course, there are a variety of reasons that people buy a house; my advice is to really know why you are buying one.
The Joint Center for Housing Studies conducted a major study on what motivates people to purchase a home, and the results yielded 4 main reasons that a person will buy a house. Being aware of these key objectives will help you prepare before you make this huge decision.
REASON #1: You’re Raising Children
It might have once been exciting to move every few years when you were childless, but lugging all of those toys, baby gates and playpens gets old once you have little ones in the picture. The truth is, people today are motivated by the same goals as generations before them: providing a stable home for their children to grow up in and choosing a neighborhood that will provide them with a good education. Focusing on your children’s future means planning for yours, and this is where home ownership often comes in.
REASON #2: You Want A Place To Feel Safe
Dorothy’s apt words ring true here: there really is no place like home. Having a house to call your own provides a sense of safety and security that everyone craves, and other types of housing down always provide that sense of permanence. Unlike renting, owning a home allows you the freedom and control to put safety measures in place in any way you like (think fences, gates, security cameras, home alarm systems, etc.) without any restrictions. These extra precautions can give you peace of mind and truly allow you to feel comfortable and safe in your new home.
REASON #3: More Space
Many buyers have simply run out of space in their current housing situation and want something bigger. Within the last 10 years, in most cases, it’s often less expensive to buy than to rent. Buying allows you to have control over how much space you’ll get and what that space will be allotted for, without the restrictions that often come from renting. Depending on the property you purchase, the options for creating your ideal space can be endless.
REASON #4: More Control
Do you love the color pink? Do you want hardwood floors instead of carpet? With your own home, there’s no landlord to approve or deny your request before you go to town on renovating your space. With your own home, you decide what goes in it and how it looks. That freedom and control will allow you to create a look and feel to make you feel content and comfortable in the place you’ll spend most of your time. And if you want that bright pink wall, no one will stop you!
These 4 reasons why people choose to buy a house will help you narrow down your homeownership goals, ensuring you’re prepared to make the leap. Of course, the study mentioned earlier left out a key reason: buying a house is an investment. We believe that you can make the best investment out of your living arrangements as long as you have the right team in place to help you along the way. Don’t forget: who you work with matters!