Don’t believe the recent reports foreshadowing the death of the American dream. Home ownership always has and always will be a basic desire for people. It’s important to remind buyers who are delaying a purchase of all the benefits of home ownership. Consider the following:
- Pride in Ownership. How often have you heard someone say I “rented” my home for 10 years?
- Perception. People perceive a “renter” as being temporary and sometimes make less of an effort with tenants than they do with homeowners in the neighborhood.
- Personalization. When a home is yours, the money and time you put into the home are a reflection of who you are. It’s not the same when you rent.
- Sense of Accomplishment. People tend to believe that you haven’t really “arrived” or “made it” until you own your own house.
- Long Term Investment Opportunities. A home is not a car. Even in the worst of times, your home will eventually appreciate in value and will be paid off. In other words, eventually you save the rent cost and have an appreciating asset.
- Sense of Belonging. One of the fundamentals humans need is a sense of belonging or social needs. If everyone else in the neighborhood owns and you don’t, then you’re not likely to fit in as easily.
- Finally, it’s inevitable that you will own if you can afford it. If you wait, it will cost a lot more.