Why Young People Prefer Owning Vs Renting

Dated: 08/10/2017

Views: 3

Getting Tired of Renting? Here Are the Top 5 Reasons Why Young People Prefer Owning a HomeAt some point in their lives, every renter thinks about home ownership and whether or not it's worth it. Let's explore the top 5 reasons why young individuals prefer the idea of owning a home over renting.

It's All About Control

It's unlikely to come as a surprise that having control over their living space is the number one reason that younger buyers prefer owning over renting. Living in a home owned by someone else limits your ability to customize your home. Want to expand a room or rip out the kitchen cabinets? Good luck with getting your landlord to pay for that!

Privacy And Security Are Key

More than 90 percent of millennials reported that having a sense of privacy is an important factor when choosing between buying and renting. And this makes a lot of sense, especially in areas where a landlord has the right to enter the premises on short notice. It's tough to imagine feeling secure when a landlord can demand access to their home for whatever reason they so choose.

Your Own Space Is Just Nicer

Take a look around your home. Is it as luxurious as you'd like it to be? While you can furnish a rented apartment or house however you want, in many cases, renters just don't put the same amount of effort into it. 81% of young renters shared that one reason they want to buy is so that they can live in a nicer place.

You'll Be More Engaged In The Community

If you want to feel more engaged in your local community, buying a home is an excellent idea. More than 75 percent of young and first-time buyers reported that community engagement is a key reason that they want to be a home owner. Not only are you more likely to care about the area around your home if you're responsible for its upkeep. But as the value of your home is influenced by the surrounding area, you also have a financial incentive to staying engaged in the health of your community.

Owning Gives You Flexibility

Finally, consider that owning your own home will offer flexibility that you can't get from renting. Not only will you be able to customize your home the way you want, but you'll also have a productive financial asset. And that can be a huge help in securing additional credit if you want to make significant investments or other financial moves.

When you're ready to expand your freedom by purchasing your own home, contact your trusted mortgage professional. We're happy to help.


For more information click: http://bondstreetmortgage.com/getting-tired-of-renting-here-are-the-top-5-reasons-why-young-people-prefer-owning-a-home/

Want to Advertise on this Site?

Latest Blog Posts

The Quick And Easy Guide To Finding The Right Builder To Construct Your Dream Home The Quick And Eas

The Quick and Easy Guide to Finding the Right Builder to Construct Your Dream Home Are you in the market for a new house? If so, you may be considering having a custom-home designed and built to

Read More

You Ask We Answer How Do I Know If Its A Good Idea To Refinance My Mortgage

You Ask, We Answer: How Do I Know If It’s a Good Idea to Refinance My Mortgage? Are you interested in paying less per month on your mortgage? Or perhaps you would prefer if your mortgage was paid

Read More

Thinking About Purchasing An Investment Property Here Are Some Tips On How To Avoid Buying A Money P

Thinking About Purchasing An Investment Property? Here Are Some Tips On How To Avoid Buying A Money Pit. Investing in a property can be a great way to make money. However, if you don’t do your

Read More

Pineing For A New Look 3 Ways You Can Use Wood Features To Spruce Up Your Home

‘Pine’-ing for a New Look? 3 Ways You Can Use Wood Features to ‘Spruce’ up Your Home Whether you are renovating an older home or putting the finishing touches on a new one, you would be

Read More