One major tenant of the “American Dream” has been the ability to buy your own home. However, in 2018 the vision of owning your own house laced with a white picket fence sometimes feels like a pipe dream. This couldn’t be further from the truth. The market is in full swing and people are buying more than ever. Renting is unaffordable and downright expensive. It makes more sense to put your monthly payment towards the total purchase of something you already own, does it not? Here are some reasons why you should buy in 2018 and stop wasting your money renting.

1. You can do what you want with your own space. It’s yours.

You can rip up the floor and add new ones. You can completely knock down a wall if you’d like. There are little restrictions when you own our own home aside from legal or HOA restrictions.

2. Homeowners buy less things.

When people move a lot they tend to buy new things to match their new apartment or to cater to their new digs. When you own your own home, you already have all the furniture you need and seldom need to buy new furniture or other things for the house. Yes, there may be certain repairs and unforeseen payments, however the cost of renting for years without money going towards any purchase will far outweigh the costs of unforeseen ownership payments.

3. You will have more fun owning a home.

Think about the possibilities of what you can do in and to your own. Yes, you can rip up the floors and knock down walls, as mentioned. However, you can have people over and cater parties. You can have a bonfire in your backyard. Put in a pool if you’d like. The possibilities are endless.

4. Owning a property allows you to make some extra cash.

Owning property is one of the longest lasting ways to generate income since mankind has been around. Investing in properties, renting out rooms, or renting our property space—this has all generated extra income for people for thousands of years. Even if you buy a new home and just want some help paying the mortgage, you are able to rent out the room to have some more cash flow—even if it’s small.

For 2018, consider buying. Consider ditching the cash consuming option of renting and trade with your very own place to call home. Or, if you already have a home or want extra cash flow—invest. 2018 is the year to buy!

Posted by Andree Huffine, Sarasota Realtor on
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