July 22, 2024

3 Benefits of Owning a Home Vs. Renting

Buying a home is a thrilling step anyone can take to make their life head towards the next level: but what makes it so much better than renting?  Whether you’re considering buying a house now or unsure if it’ll ever be in your cards and you want to be convinced, these are the most important things to consider.  

1- You Can Do Anything You Want to the Property

If you’re like so many people questioning, ‘should I rent or buy a house?’ you’re probably tired of being a renter.  Landlords can be extremely controlling, stopping you from updating, painting, or changing the property in any way.  If you buy a home, you can make any alterations you want: even knocking out walls or adding windows, that make it into a more custom living environment.  Of course, you have to pay for all of these changes, but that can be worth it if they add value! 

2- You’re Paying Equity Every Month

When you rent, if you’re paying your landlord every month, you’re not going to see that money return back to you in any way, with some landlords not even updating the property while you live there: making your quality of life worse over time.

If you own a home, you don’t have to worry about wasting money.  Every cent you pay goes into the equity of your property that you’ll eventually get to cash out on.

3- You Don’t Have to Worry About Payment Hikes

Payment hikes are something that can make renting a nightmare for so many people.  We want to be able to afford our day-to-day and year-to-year expenses without having to find out our house payments are going to go up by $100 every year.  

Payment hikes can be terrifying if you’re not careful, so buying a home instead allows your only unpredictable rises in costs to be your property taxes, which are far easier to handle. 

Why Would Someone Not Want to Buy?

There are many reasons someone might not feel ready to buy a home or may decide to never buy one.  One of the main reasons is that they don’t want to stay in one place or feel stuck in one area.  This is easy to work around if you buy a home since you can always rent it out or sell it after you’ve owned it for ten years.

Another reason is some may be planning large life events and changes within the next few years, like getting married or having a child, and those can severely change your financial plans in many ways.  Often it’s better to wait until after these events are settled before taking on something as massive as a house.  

Every Buyer Wants Something Different.

Whether you’re buying a home to make an investment in your future, or you’re ready to buy so you don’t have to worry about rent hikes anymore: owning a home can change everything.  Make sure you’re ready before the plunge, and you can change your life for the better!