Are you currently asking yourself “should I rent or buy a house?” If so, it is important that you consider the benefits of buying a house. While renting does have positive aspects, owning your own home does, as well.
A Good Investment
Money is generally the first thing that comes to mind when considering purchasing a home. So what financial benefits does it have? Buying a home is seen as a good long-term investment due to the common increased appreciation homes and properties have as time continues. If you rent, you may see this as “throwing your money out of the window.” While you are paying for a roof to have over your head, the landlord of the property is the only person truly benefiting financially.
Not only are you investing in an asset for yourself, you can also build equity on your property if you decide to sell in the future. Furthermore, renting a home is not tax deductible, while owning your own home is. You are more likely to see tax breaks due to mortgage interest being deductible, as well as, the interest paid on property taxes, home equity loans, and some closing costs.
Stability
Buying a home generally requires you to be confident that you will be staying in an area for several years. Not only will you be ensured in the stability of your location, but you will also have stability in your monthly payments. When renting, your landlord has the ability to raise the rent whenever he or she wants. When buying, you will have the choice of a fixed-rate mortgage, which will provide you with a set monthly amount for principal and interest until the loan has been paid in full.
It’s Yours
Lastly, buying a home comes with a sense of pride. The home is now considered your own and the possibilities are endless. If you want to paint or remodel a room, the only person you have to ask permission of is yourself, or perhaps your spouse. But you get the gist; your home is exactly that, yours. So if you want a bright yellow front door, an open floor plan, or maybe even a swimming pool in the backyard, the choice is yours.
On top of having the freedom to add luxury and stylistic features, you’ll also have the freedom to add practical improvements. This could include improvements that help you to save money or make your home more secure. For instance, investing in home window replacement could help to improve the energy-efficiency of your home and possibly make your home more secure against burglars. When renting a home, you can’t make such structural changes without permission from your landlord.
While buying a home is a big commitment, it can be a wise one. There are numerous benefits of owning your own home. Create a list of the pros and cons of renting vs owning a home to make the most appropriate decision for you and your current circumstances.
