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Should I rent or buy a home -the age old question. Some people like the “freedom” of renting, while some people like the security in buying their own home. We will flat out tell you that buying a home is a better option than deciding to rent one. There may be more responsibilities to owning your own home, but there are many benefits that outweigh the disadvantages. The top reasons why you should buy your home instead of renting one include: it will be yours, you can remodel it, it will reduce wasted cash, it will cost the same amount as renting, and you won’t have to worry about problems with the owner.
When you buy your own home, it is yours. You won’t have full ownership until you pay off the loan, but you can do whatever you want to it. Because the house will be yours, you will have a set payment every month that won’t go up. Also, if you decide to move, you can sell the house or rent it to other people. Renting your home to someone else will provide you with additional income that you can use to purchase a new house.
Still wondering, “Man, should I rent or buy a home?”?! Lets break it down shall we?
1. I Can Remodel!
Being able to remodel your house is a great benefit to buying your own home. You cannot make changes to a home or an apartment that you may be renting unless you get permission from the landlord. Most of the time, a landlord will not allow you to make major changes. When you have your own home, you can make any changes you want. You can repaint your walls or even knock some down to make some rooms bigger. You could also add an additional wall if you want a separate space. When you own your own home, you can even make it larger if you want to. You will need a permit to add on to your house, but you can design it however you want to. Having your own home also allows you to install a pool. You can build an in-ground pool or a pool that has a deck around it.
2. I Can Save Money!
Owning your own home will reduce wasted cash. If you rent a home, you will get nothing out of it, except a place to live. You won’t be able to get any of that money back when you decide to move out, and if you will continue to pay for the rest of your life if you stay there forever. If you buy your own home, you will still have it once you finished paying off the loan. If you decide that you no longer want a home that you buy, you can sell it to get money. You can then use that money to help you buy a new home.
Another reason why you should buy your home instead of renting one is because it costs the same amount of money. Sometimes, buying a house can even cost less than renting. When you rent a house, sometimes you end up paying more because the owner wants to make more money on it than what they are paying on the loan. Also, if you buy a house, you might find one that may need some work done, which would lower the price that you would pay for it. Even with the cost of fixing the house, you could still be paying less than renting.
3. Security & Peace of Mind?!
When you buy a house, you will not have to worry about situations with the owner of a rental property. When you are renting a house, you constantly have to worry about whether the owner is going to keep it or try to sell it. Unlike a rental, nobody can kick you out of a house that you own unless you fail to make the payments. You will also not have to worry about the monthly rates going up like you would if you were to rent a property.
Even though people make their own choices of whether they want to buy a house or rent, owning a house has many benefits that renting does not. It may take a lot of commitment, but buying a house will be better for you for the future.
If you’d like to start the buying process now, definitely contact me as I am skilled and knowledgable Royal Lepage Realtor.
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