While renting can be useful for some financial situations, owning a home provides great benefits to you and, ultimately, your financial well-being.
- Control your space. Use a spare bedroom for your own home office. Create a workout area in the garage. You own the home, you make the rules.
- Pride of Ownership. When you own something you tend to take better care of it. A home is no different. Cutting your lawn, creating a garden, or just making improvements on the weekends becomes a thing of joy.
- Stability. When you purchase a home with a fixed interest rate mortgage, you don’t have to worry about surprises in your monthly payment. Month after month, you know what your payments are going to be. Renters don’t have that luxury. At the end of the lease, they have to be concerned about rent increases and possibly having to move.
- Home Equity and Price Appreciation. Over time, as you build equity in your home, you may even have a home is that is more valuable than what you paid for it.
- When you own a home, you own an asset. After living in a home, you are often rewarded with thousands of dollars of appreciation, whereas a rental only returns your security deposit!
So, while owning a home can take some work (and money), it is something you are likely to thank yourself for–both years down the road, and after you move in.
There are many great reasons why owning your own home makes perfect (cents) sense. One of the best reasons is the potential savings over renting. If you are renting a home, chances are likely that your rent will increase in the next several months. As the economy keeps changing, so does the housing market.
Owning your own home puts savings back in your pocket, and allows you to know exactly how much your mortgage payments are (and allows you to choose various financing options). For example, you can secure a fixed rate that never changes, unlike the rental market. Additionally, for homeowners, the government sometimes offers compensation for home repair, efficiency repairs, etc. which puts money back in your pocket. While the cost of purchasing a home is sometimes more expensive, these types of programs can make things more affordable. And in the long-run, a house simply costs less than a rental.
If you’re in a position to do so, make the choice today to get out of your rental, and begin investing in a home. Now is the perfect time to get rid of your headache, and free yourself from the high cost of renting.
You’re the manager
Some people are still stuck in a renting rut because they either believe they cannot afford to own their own home or do not think they can handle the responsibility of owning their own home. What they do not realize is that buying a home may be cheaper in the long run and owning a home may not have the same headaches as renting a home. There are many benefits to owning a home.
- Cheaper in the long run – Owning a home may be cheaper in the long run versus renting a home from someone else. For one thing you are making a payment for an investment if you are paying on a mortgage and not paying someone else to live in their home. Another reason it may be cheaper is because the homeowner can borrow against that mortgage if they need to. If you are renting, you cannot do that.
- You are the manager – Being a homeowner means you are the manager of your home. This means you can do what you want with your home. You can rent it out for extra money and make home improvements if you need or want to. Making home improvements can mean a good investment in the long run because it can add value to your home when you are ready to sell it.
- Tax deductions – If you are a homeowner, you can use your home and property as tax deduction when tax time comes around. This means more money in your pocket.
It doesn’t need to cost more than an apartment
Are you thinking about buying your own home? If so, there are several great benefits in doing so. If you’re someone that is settled and doesn’t plan on moving anytime soon, here are three ways you can benefit in becoming a home owner.
- Design your own home – t’s a great feeling to be able to come back to your home and be able to design what your whole house looks like. From being able to paint the walls your favorite color, to being able to pick out your appliances, it’s only what you want.
- Do your own landscaping – Another great perk of owning a home instead of renting something such as an apartment is the fact that you have a yard and you’re able to landscape it yourself.
- No wasted money – When you rent from someone, whether it be an apartment or a home, you’re giving them money to pay off their mortgage. What this means is, when you move out, you don’t have anything. When you get a home of your own, you don’t have to spend a ton of money, but instead get one within your price range and one that’s in your name and you’re paying off.
As you can see, there are some great benefits to becoming a home owner. Between putting your hard earned money toward your own mortgage instead of someone else’s and being able to customize your home the way you want it, it’s worth it in the long run.