{"id":628,"date":"2023-05-03T04:24:00","date_gmt":"2023-05-03T04:24:00","guid":{"rendered":"https:\/\/stacygrove.com\/blog\/?p=628"},"modified":"2023-05-03T16:14:30","modified_gmt":"2023-05-03T16:14:30","slug":"the-top-reasons-renters-dont-want-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/stacygrove.com\/blog\/the-top-reasons-renters-dont-want-to-buy-a-home\/","title":{"rendered":"The Top Reasons Renters Don\u2019t Want to Buy a Home"},"content":{"rendered":"\n<figure class=\"wp-block-embed aligncenter is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Top Reasons Renters Have for Not Buying a Home\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/xuVZQCbhobA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s no secret: Homeownership is a huge responsibility. There are many reasons that someone might choose to rent rather than buy. But some people haven\u2019t revisited that decision recently and could be influenced by outdated data. Some people could actually be leaving money on the table by not reevaluating their decision to stay renters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s take a look at the top reasons renters give for not buying . . .<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">House prices are too high right now<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The most recent data shows that home prices appear to have bottomed out and are now on the rise again. In fact, experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. When you purchase a home, you own an asset that traditionally increases in value over time. It\u2019s likely that your home will have a higher resale value if you decide to move again. You could wait for a dip in the market and try to buy then, but that usually means there are other economic issues at stake that may make it impossible for you to buy, or the cost might be higher in other ways\u2014like interest rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">It\u2019s cheaper to rent<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rents have risen consistently for several decades. In fact, rent amounts are projected to increase by 6.3% in 2023. A fixed-rate mortgage ensures you\u2019re paying the same amount each month for the life of the loan. Depending on the rent amount, buying a home can actually be cheaper than renting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">I don\u2019t want to pay for or do repairs<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Homeownership is an investment, and ongoing maintenance and upkeep are a definite part of that. No want wants to pay for or do repairs. However, some landlords and lease terms include the tenant being responsible for the cost of some repairs up to a certain dollar amount or type of repair\u2014including maintenance and upkeep.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">House values could go down and I\u2019d lose money<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of building equity for your landlord. Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. It\u2019s true, home prices have and can go down. We haven\u2019t seen it in a while. However, when was the last time you saw rent payments go down?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">I don\u2019t have enough money for a down payment<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many people think you need to put down 20% of the purchase price when you buy a home. However, with programs like FHA loans, VA loans, and USDA loans, some qualified buyers are able to put down as little as 0 to 3.5% down. A bigger down payment may be helpful in getting you a better rate or lowering your payments, but that takes time. And, in the time you\u2019re saving up, interest rates and home prices might be going up!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">I want the freedom to move<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you know you won\u2019t be in the home for two or more years, you might need to be in a more fluid situation. However, if it\u2019s about being \u201ctied down,\u201d renting might not be the best option. You have to sign a lease and pay a penalty or the remainder of the lease if you move. Selling a home isn\u2019t super complicated if you need to move, or you might decide to become a landlord and rent it out!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re ready to buy a home (or even just talk about it), reach out! I\u2019m here to help walk you through your options.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s no secret: Homeownership is a huge responsibility. There are many reasons that someone might choose to rent rather than buy. But some people haven\u2019t revisited that decision recently and could be influenced by outdated data. Some people could actually be leaving money on the table by not reevaluating their decision to stay renters. Let\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-628","post","type-post","status-publish","format-standard","has-post-thumbnail","category-homebuyer","entry"],"jetpack_featured_media_url":"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-28-at-12.24.47-PM.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/comments?post=628"}],"version-history":[{"count":2,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/628\/revisions"}],"predecessor-version":[{"id":631,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/628\/revisions\/631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media\/629"}],"wp:attachment":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media?parent=628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/categories?post=628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/tags?post=628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}