Apartment living has its perks. Cleaning gutters, cutting the lawn, shoveling snow and trimming bushes does not exist. At the same time, living in an apartment can be inconvenient depending on where are you in life right now.
Before you decide to end the lease on an apartment, here is a list of reasons to purchase your own home.
1. Build Generational Wealth
Let’s face it. The myth that millennials are afraid to purchase a home is creating fear in the hearts of most people. Statista surveyed millennial home buyers in 2017. About 16 percent that “bought a house between July 2016 and June 2017, had median household income between $100,000 to $124,999 in the same year.”
Whether you are planning to start a family or have an interest in handing down wealth in a will, purchasing a home is ideal. It is one of the best ways to preserve personal wealth to share with future generations to come.
2. Apartment Living Issues
The reality of living in an apartment can be met with unexpected surprises. Depending on the apartment, some dwellers complain about uncontrollable situations like roaches, bed bugs, or a infestation of rats.
The other complaints include loud neighbors, the smell of food in the hallway or apartment repairs (i.e., elevator, parking lot). It can be a nuisance for some to experience these issues which creates an opportunity to buy a new home.
3. Personal Interior Design Taste
As an apartment renter, changing the design in a unit can be limited. As a homeowner, you can decide to paint the walls neon green or add bricks to a wall to add personality.
An apartment is ideal for a person new in town or to get a better understanding of a neighborhood before purchasing the property.
4. Adding Rental Income
Real estate on the market offers an opportunity to purchase a house with a basement apartment. It is a way to earn an extra income provided space is up to code with municipal renting laws. As a result, you can live upstairs and rent the basement with a separate entrance for a renter.
Imagine the additional income you can add. If needed, the basement rental earnings can be used to cover the entire mortgage of your home. Here are other ways to take advantage of rental income:
- Rent a room in the house
- Airbnb the basement or extra room on an occasional basis
- Rent out the guest house on the property
There are pros and cons to be a homeowner plus landlord. I recommend you research before making a final decision.
5. Property Values Expected to Rise
Do you live in a growing city? If so, you might want to take advantage of the forecasted home value predictions. I recommend paying attention to reports on the municipal or census predictions for a rise in population.
If you live in a small community that is building an airport, fashion mall, new schools or a headquarter for reputable companies, it is a sign of growth.
6. Expanding Your Family
Expanding a family can be a desire to add more cats or dogs. You might be a couple planning to have a few more children. Or, the idea of putting your retired parents in a nursing home is out of the question.
The more, the merrier for some people. You can live in a tight space with new pets or people but if the additional family can contribute financially, buying a home is a better option.
7. Freelance or At Home Business
It is true that a freelancer or business owner can work from home in an apartment. However, working and living in a residential home is peace of mind without noise from other renters. It can be limited living in an apartment. A person that spends 40 -60 hours a week working at home will need to change rooms for a change of scenery.
