There are two reasons to become a home owner

One is money; the other is life.

Rent vs Own

Did you know the average renter's net worth is $5,200? Maybe that sounds great to you but listen to this. The average net worth of a home owner is $229,000! Sorry, I did not write down the source, it was at a seminar.

Think about that? Every month a renter is paying his rent which is someone else's mortgage payment. A home owner pays his mortgage every month which includes interest and principal. Every month a home owner is adding to their net worth just a little bit until they get a number of years into it and then it really starts to add up.

A renter also watches his rent go up. A home owner watches the value of his home appreciate.

Life

I think it is important that someone come home to their home, especially kids. The feeling and safety of having a home is very comforting. Renting does not provide the same feeling, of course, it is someone else's in reality.

Home Ownership also means that you can have pets, if the CC&R's allow it. Renters have to pay extra deposit and rentals that allow pets are difficult to find.

Also, you can modify, update, remodel and improve your place without asking. You can dig up the yard and add a garden or a pool. You can do things that would improve the home and its value, plus benefit from that investment/ expense as opposed to a renter who does not, which again does not add to their net worth.

There are short term benefits to renting but long term, it is better to own. There are many strategies within home ownership, for expample, buying a multi-family unit, live in one and rent out the rest. This of course means you are the landlord which can be its own problem, but hey if you are going to have others pay your mortgage, you gotta earn it!

 

 

Trey Langford- Idaho Builder & Developer Services
Trey Langford  Realtor
New Construction Consulting

Email  208.724.9636
Posted by tlangford at 2/9/2018 9:51:00 PM
 
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