Being able to buy a home has been a lifelong American Dream. It’s a dream comprised of years of working, saving, and renting– and let me tell you, the journey is not as simple as some people think. Choosing to rent or buy your home is a major decision that affects not only your lifestyle but also your financial health.
Buying your first home can be a very exciting time. It may seem overwhelming at first as there are many factors one has to consider before deciding on the best option for your pocket and, of course, you and your family.
That’s right, deciding to buy or rent a home not only has to do with your budget or finances but also has an impact on your family. Consider what you require and need to have for the comfortability of your family.
If you are still in the planning and decision-making phase, people often believe that buying a home, rather than renting, is the more financially sound decision.
So, if you’re currently renting and considering making that leap, here are some advantages of owning your house.
House prices generally rise over time.
On the financial side of things, owning your own home is part of long and short-term success. With regards to the short-term success, you can enjoy paying yourself instead of paying someone else for renting their property, and long-term success could be that property is generally a good investment option. The value in your property could increase over time and may have the potential to generate ongoing passive income.
The biggest advantage of buying a home would be that the house is yours.
Which is a wonderful investment and feeling, too! Yours to renovate and change as much as you like. You are free to do any changes you want without consulting your landlord as to whether you can or cannot make that change to the property. You have the freedom to customize that house to suit your lifestyle. Any improvements that you decide to make to your new home will increase the value of the home as well.
No worries about the monthly rent going up.
Another major reason for buying your own house is that you are not confined to paying a landlord every month, and you will be secure in the sense that you don’t have to worry if your landlord decides to raise rent prices or sell the property before your lease period is up.
You can plan your future.
Owning your own home means that you do not have to worry about the future in renting a place. It also means you’ll be staying in one place for a long time. You can make friends, have many pets, kids can go to school and not have the burden of always moving around. You can build a life and not have to worry about finding a new place to stay.
Buying a house can be a good investment.
Buying your own house can give you the option of renting it out one day and receiving a good income from it, and this could be another secured income stream.
To conclude, it’s important to think about the various factors that come into play when renting or buying. It is not only about the finances It also has to do with your comfortability and your vision for your life.