There are more reasons to buy a home than merely a need for more space — home ownership has a number of benefits that renters often don’t consider until they are confronted with a problem themselves. When faced with the problem of renting an apartment, considering home ownership is a potential, and often logical solution.
Signs its Time to Buy a House
- You can’t find an apartment with enough room for the family. Apartments, especially in cities that grow taller rather than wider, like New York, are expensive, and renters pay by the square foot. Finding an apartment with enough bedroom for a growing family can be a challenge, and finding bedrooms that are large enough for children to play in is even more challenging.
- You can’t put a swing set in the living room. Considering the limited yard space in most urban settings, and its a wonder than city kids don’t go stir crazy, cooped up in so few square feet of space. It is much easier to find a house with a yard than an apartment, and houses typically accommodate at least one extra bedroom — which can easily become a playroom for the kids. Plus, chances are with a house you’ll get an extra bathroom or two as well!
- Rent keeps going up… and you haven’t even moved. Unless you live in a rent-controlled apartment, your landlord or the owner of the building can choose to continue to raise rent cost, despite the fact that you aren’t getting any more room or amenities for your money. This is frustrating for anyone trying to live on a budget, and makes managing monthly expenses even more of a bother than it needs to be.
- You want a family atmosphere. After the charm of partying through your 20s wears off, it might seem like time to settle into something quieter — and a quiet apartment building means higher rent costs, or a different neighborhood. Homes in quiet neighborhoods are much easier to find, and real estate agents can find a home in the perfect neighborhood for buyers, be it a younger or more family-oriented crowd.
- You want something permanent. Another perk of home buying is that once you buy, you can stay for as long as you want — in fact, it often makes sense to do so, given the mortgage you’ve just signed up for. Buying a home means an end to the constant apartment hunt that occurs when rent goes up or your building starts to look tired and the dryer busts. Though owning a permanent home also comes with a lot of responsibility, it is an investment that is worth paying into, and will stay with you long into the future.