Renting certainly has its advantages, but overall, owning a home is far more beneficial for most people. Here’s why.
Why You Should Buy a House Instead of Renting
Homeownership allows you to create the design you want while making it functional for your needs. You can take pride in your home ownership. Here is a list of reasons why buying a home is better than renting one.
1. Owning a Home Provides StabilityIf you’ve rented a home, you’ll know there is little stability. The landlord can raise rates regularly, require that you let maintenance workers inside at inconvenient times and put off maintenance while you still have to live in the home.
And once your contract is up, the landlord can choose to sell the property or otherwise force you out.
But when you own the home, you have stability in knowing where you’ll live for many years. While your payments can increase due to the cost of property taxes and homeowners insurance, these generally increase slowly over time.
And when you need home maintenance, you can get it done as soon as you want to and on a timeline and budget that works best with your schedule.
The longer you live somewhere, the more community you can build in the area as well. Getting to know your neighbors and knowing that they are looking out for your property when you are away is a great benefit of home ownership that you likely won’t experience with renting.
2. Home Ownership Can Serve as an InvestmentYou can build equity in your home. As you make mortgage payments, they aren’t just sunk costs. While you’ll pay property taxes, insurance and interest payments, part of your monthly payments will also go toward your principal, which builds equity in your home.
When renting, you’re paying money to stay somewhere, but you’ll never see that money again once you choose to move elsewhere.