Buying a home is getting increasingly expensive and harder for more people to fathom doing. Because of this, it’s vital to make the right decision about whether you should rent or buy.
These are the top reasons homeowners prefer buying to renting, and you should too!
Ability to Change the Property
One of the most obvious perks when you’re asking yourself, “Should I rent or buy a home?” is going to be that when you own a property, you can make it into anything you want. This might mean that you break down walks, or it could mean you simply feel comfortable hanging things on walls instead of worrying about your deposit.
The ability to change the property to your liking is a huge perk.
Gaining Value Through Monthly Payments
When you rent, your monthly payments don’t eventually bring value and money back to you. As a homeowner, you can rest assured that your money is building equity in your home, which you can eventually borrow against or simply gain by selling your home.
No Fear of Rent Hikes
Rent hikes are something real and tangible that most people in large cities are dealing with right now. Unfortunately, rent hikes mean that rent can raise any amount the landlord sees fit whenever your lease allows for it. For some, this is a yearly rise: while others see rent hikes as often as every six months.
Although your property taxes will rise with your property’s value as you own the property: you’ll never have to worry about your mortgage surprising you and jumping by a hundred dollars a month.
This means that although you may start out with a house payment that’s higher than the current cost of rent, within five years, you’ll see rental costs surpass your house payments.
The Ability to Rent it Out for Income
One of the best things about owning a home is if you need some extra money, you can simply turn it around and rent it. This is fantastic if you own multiple properties because you’re gaining value while also being paid for someone to live there, essentially giving you the home for free or for a very steep discount.
The Chance to Feel Stable and Decisive
Another fantastic part of homeownership is you get a space where you have to grow roots. If you have trouble settling down and staying still, buying a home gives you an excuse to stay put for at least ten years.
At least until you’re paid off the portion of your home that would be of interest and you’re making a profit. This allows you to feel stable and have a secure place you can call your own, instead of having to worry about the landlord you rent from displacing you on their whim.
Nothing is Quite Like Buying a Home.
Buying a home is an awesome chance to change your lifestyle while also adding value and money to your future. Consider buying instead of renting and breaking the rental cycle soon!