NEW YORK (TheStreet) — Although renting has become a popular option for everyone from Millennials to retirees, buying a home is still an important financial milestone for many Americans. According to the National Multifamily Housing Council, renters make up about 33% of U.S. households, but the majority — 67% — own their homes.
Although renting has its perks, many homeowners say there’s nothing quite like owning something you can truly call your own. Experts weigh in on five tipping points that often inspire renters to take on a mortgage and sign on the dotted line.
1. You want control of your surroundings and environment
If you find yourself wanting to put in a swimming pool, remodel your bathrooms or make other substantial changes to the property, it’s a sign you should be looking to buy, says Michael Chadwick, certified financial planner and chief executive of Chadwick Financial Advisors in Unionville, Conn.
“There are certain things you can’t do when you’re sharing space. If you want to install a high-efficiency furnace or build an outdoor pizza oven, you can’t do that if you’re a renter,” Chadwick explains.
Read More: 7 Worst Things to Hear in a Home Inspection
While a homeowner might be willing to invest $30,000 remodeling their kitchen, they simply won’t do that in a home they rent, he explains.
“You’re not going to put new furnishings in if you can’t take them with you, or if you can’t get out of them what you paid when you move. People want the ability to come home to a place that has their touch.”