Main Reason Renters are Making a Purchase this Spring
By Katie Kirk:The Kirk Holton Team
One of the main reasons renters are becoming buyers is that they want more space. Often times apartment living can be limited on space that the individual, couple or family truly needs. Often closets are small, room sizes less than adequate and often there is lack of private outdoor space. If it does exist it is small or requires that you share it with other tenants.
In addition, many renters do not want to throw their money away anymore. They are no longer satisfied with the fact that they do not build equity in their current living arrangement. Paying monthly rent only guarantees that you will have a roof over your head, that is about it. Furthermore you sometimes have to pay extra for having a pet at your apartment, deposits, additional monthly premiums, all of this can add up. Many renters are fed up with having to deal with a landlord.
A third reason people are buying new homes is that they want to make upgrades or improvements to their living space. Apartment living may give you freedom to paint the space but you are often limited to other upgrades. More space, desire to build equity and desire to tailor living space to meet the individuals needs are some central reasons that renters are now becoming buyers.