According to a survey performed by The Joint Center for Housing Studies at Harvard University, there are five real reasons Americans purchase a home.
Keeping Current Matters‘ sums up those reasons in its Winter 2015 edition of “Things To Consider When Buying A Home.”
1. Having a good place to raise children and provide them with a good education.
All manner of people purchase homes, from single individuals to traditional and nontraditional family units.
For many families with children, and even for those without, living in a quality school district is very important.
People already living locally typically know which public school district(s) they want to live in, but many relocating families do not.
I always direct my clients who are concerned about schools to visit www.greatschools.org for an unbiased take on school ratings to select which educational environment is best for their children.
2. Having a physical structure, a place, where you and your family feel safe.
Following physiological needs such as eating, breathing, and sleeping, safety and security are second on Maslow’s Hierarchy of Needs.
So, it’s no surprise that having a safe place to call home is the No. 2 motivator for home ownership.
Safety can mean being secure from the elements, i.e., weather, or living in a community with infrequent criminal activity.
You can learn more about how safe your community is by visiting www.weather.com to find out how frequently tornadoes frequent your neighborhood, or go to www.crimereports.com for recent crime statistics.
3. Having more space for your family.
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We’ve already alluded to growing families because of children, but many households are growing due to aging parents moving in with their children, and even adult children moving home after college.
Whether your need more bedrooms, more dens, or maybe a bigger yard and recreational space, most homeowners “move up” several times in their lives prior to downsizing later in life.
4. Having control over what you do with your living space, i.e., doing updates and renovations.
It’s your place, so you can do whatever you want with it! To a certain extent, that is, as long as you don’t violate your HOA’s regulations or your neighborhood’s CC&R (covenants, creeds, & restrictions).
Unless you live on a couple of acres on a quiet country road with no neighbors nearby, you likely won’t get away with keeping a car on cinder blocks in your front yard.
Either you’re paying your landlord’s mortgage, plus his property management fee, plus your landlord’s maintenance costs, plus some profit on top.
Or you can pay your own mortgage, increasing your equity in your home and building your own personal wealth.
Doesn’t it sound great to pay your own mortgage instead of someone else’s?
Doesn’t it sound even better to be a landlord?
So, which one of these reasons applied to you when you purchased your first home or your last?
And if you’ve never purchased a home, what are some of the reasons you haven’t done so? Which of these reasons will be your driving factor when you one day decide to purchase your first home?
If you or someone you know is thinking about buying a home now or sometime in the future, email me at email@example.com and I’ll gladly provide a free downloadable copy of KCM’s 21-page home buyer’s guide.
Jimmy Grappone is a Realtor® living in the Charlotte area for nearly a decade.
His hobbies include fishing, playing golf, watching football, and helping his clients find their way home.
Jimmy is a licensed Realtor® with Allen Tate Company in North Carolina and South Carolina.
He is passionate about helping his clients find shelter and having a good time along the way!