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Renters, Ready to Fall in Love with Home Ownership? Five Reasons Why You Should!

Renters, Ready to Fall in Love with Home Ownership? Five Reasons Why You Should!

We’re warming up to one of the busiest times of the year in the real estate industry. So, if you’re on the fence about whether or not you should continue to rent your home or if now is the right time for you to buy, here are five reasons to fall in love with home ownership:

Homeowners have the opportunity to build equity. When you make the decision to become a home owner, you’re committing to growing a little older with your new home. As the two of you spend a few years together, your love for your home will surely grow, as will the amount of equity you’re earning.


Once the amount you owe on your home is less than the amount that your home is worth, you may be able to borrow against your home’s equity if you choose. Typically, home equity lines of credit offer lower interest rates than other loans, so if you need a lump sum of money, they can be excellent options; but, they’re only available for homeowners.


Home ownership means additional tax deductions. Since it is currently tax season, who wouldn’t love to hear about more available tax deductions? Well, there are certain tax breaks that homeowners can claim that are unavailable for renters. For instance, homeowners can claim their mortgage interest, points they bought to bring down their interest rate and their property taxes as deductions. If a homeowner also works from home, they may be able to take deductions for their home office and portions of certain utilities, too.


Homeowners have payment stability and security. Hand-in-hand with home ownership is the stability and security of fixed mortgage payments and a permanent roof overhead. Oppositely, those who choose to rent may face unannounced rent increases or a landlord’s decision not to renew their lease at all. So, for renters who are tired of the uncertainty that can surround their lease agreements, now may be the perfect time to fall in love with owning a home!


Homeowners have the freedom of choice. Are you the kind of person who embraces change? Owning a home means that you have the freedom to change the colors of your walls or carpeting, upgrade your kitchen hardware or blinds, update window treatments or make just about any other change that you’d like to your home. Homeowners also are free to pound as many holes in their walls as they please in order to hang up pictures, mirrors or other home décor. Unfortunately, renters have to seek the approval of their landlord before they are able to make even the smallest changes to their apartments or units. If you love that freedom to change, it may be time to embrace homeownership!


Homeowners have a great sense of belonging. Particularly during a time of year when many people are celebrating love, who doesn’t want to feel a sense of belonging? After owning a home in a neighborhood for even a short amount of time, it is very easy to build great friendships with neighbors and get involved in area activities and events. All of that bonding creates a sense of community and belonging among area homeowners. Many renters miss out on that community feel, because they are in areas where people are more transient, less interested in making long-term friendships and less invested in the neighborhood as a whole.

If these five reasons have you thinking about home ownership, maybe it is time for you to fall in love with an available home. Contact a Berkshire Hathaway HomeServices The Preferred Realty agent today for help in finding a home that you can call “the one!”