PMC Mortgage Lender's Blog

“Renting is a very frustrating way of life,” states Ann Douglas in a blog post at DoorFly.com.

“The money you pay every month disappears leaving you with few benefits other than a roof over your head. It’s no surprise that people want to get out of the rent race.”

Here are 10 reasons why people decide to buy a home versus renting.

1. They Want to Build Equity – Homeowners build equity with each mortgage payment and as their property appreciates in value over time. Equity can be used to establish a line of credit to fund home repairs or custom additions further increasing a home’s value.

2. They Don’t Want to Throw Their Money Away – Paying monthly rent guarantees a roof over your head, but nothing more. Renting is a terrible investment.

3. They Want More Space – It’s incredible how little you get for each dollar spent on rent. Most renters are lucky to have even a tiny balcony, let alone the roomy closets, storage space or a yard that a home can provide.

4. They Want to Make Upgrades – Most leases forbid the renter from altering the rental space. Do-it-yourself home owners can raise the overall value and living comfort of their home with upgrades. Owning a home is a no brainer from an investment perspective.

5. They Don’t Want to Pay Extra to Own Pets – Renting with pets can be a major financial undertaking. Expensive pet deposits and additional monthly premiums per pet can add up fast, but not for homeowners.

6. They Don’t Want to Be So Close to Noisy Neighbors – Blaring music at 4 a.m., wild partiers in the apartment next door or fitness gurus doing jumping jacks above your ceiling can be annoying. Noisy neighbors are reason enough to own a home.

7. They Don’t Want to Deal with a Landlord – Dealing with a landlord can be tough, especially if they are inflexible, or so distant that problems with rent or appliances don’t get resolved for months or even years.

8. Their Hobbies Make Renting a Bad Idea – Drummers and musicians need a place to live, but do you want them living in the next apartment over from you? Renting just isn’t an option for people with noisy hobbies or professions.

9. They Don’t Want to Deal with Deposits – Security deposits never seem to work out in the renter’s favor. Many times at lease end every little problem seems to lead to a forfeiture of some or all of your security deposit.

10. They Want to Live the American Dream – The sense of accomplishment that owning a home brings is an essential part of the American dream and a fulfilling lifestyle choice. Does renting an apartment do the same?