There are very few things that are as important to someone as their house. It is the most personal space that you can have. Not everyone is fortunate enough to be able to buy their own home and they have to Rent or find other accommodations.
To me, it is not a Rent vs Own comparison. There is no comparison in reality. You can do a cost comparison and risk benefit comparison. You will often find that buying is still better than Renting even when the housing market seems out of reach. This is not what matters to me.
The first huge thing that matters to me is Housing Equity. Building equity is something that cannot be overstated. This housing boom that we are in the middle of right now is making the people who own real estate equity rich. When you sell the house you can use that equity to place a large down payment on your next house making it more affordable. This cycle only helps those who own real estate.
The next big thing is customization. I am the kind of person who wants to put the TV or Artwork on whatever wall I want, and if it was not in the right place I don’t want to feel bad about putting giant holes in the wall. I remember renting and feeling bad about putting up anything that would put a hole the wall. Moving out as a renter I was always worried about getting my damage deposit back.
Having kids makes this ten times larger as they will break just about anything they can. When you own your home, it is not a huge deal. You can fix it when you want to, or more than likely right before you sell.
Finally there is the one thing in my life that felt the worst as a renter, and that is my dogs. It can be really hard to find a decent place that will allow you to have dogs as a renter. I recall going to a meeting at an apartment complex trying to rent a place and they told us they only allowed one dog per unit, and we had two at the time. They told my wife and I that we would have to choose one if we wanted to live there. No exceptions.
I loved my pugs, Abbey and Lucy. I wanted to tell the property manager that was telling me that I had to choose between my two dogs that they where a monster. I did not have kids then, and they where like my children at the time, and this person would have the gall to ask me to choose? I know that they were just doing their job but that felt like the most heartless thing you could ask someone to do. Pick your favorite dog.
On a side note, it was Lucy. She was the best. Abbey was an 18 pound monster who liked to bite people to let them know that she was in charge. Guess which one is Abbey.
We loved her anyway (for some reason) and found a better house that allowed two dogs out here in Birch Bay.
Being a homeowner provides me with the freedom to have my dogs, the freedom to miss a stud and put a giant hole in my drywall and not fix it until right before I sell the house. The freedom to put as many pieces of art on the wall and make as many modifications to the house as I want. Like I said, to me, there is no comparison.
