There are good reasons to rent a home and to own a home and it can be hard to decide what you should do. However, when it comes to owning a property there are several advantages that you should take into consideration.
#1: Renting Wastes Money The monthly rent that you pay when renting a property is wasted. When you own a home, your mortgage payments pay off that home. So, in other words, you are actually working towards owning a property rather than just paying for something that is only temporary.
#2: Ability to Decorate If you own a home then you are able to paint the walls any color that you want. All of the windows can also have the type of curtains that you want. When renting a home you are limited to the amount of decorating that you are able to do.
#3: No More Payments You are done making payments once you have paid off your mortgage! Even if you rent a property for 30 years, you will still have to make payments as long as you are there. Owning a home instead of renting will ultimately give you more money when you retire.
#4: Resale Value If you have paid off your home and decide you want to sell it, you might be able to get more money than you put into it. As time goes on, the cost of properties can rise depending on how the area changes, this can lead to a resale price that is more than what you originally paid. Remember, it is not always the case, but it does happen!
#5: Cheaper Than Renting If you have good credit then there is a chance that you can get mortgage payments that are cheaper than what you might pay if you were renting a home instead. If that is the case, then it really does make sense to own your home rather than renting it.
#6: Keep What You Install While renting a home, the landlord might not are at all if you make changes and add appliances. However, there are some changed that you cannot take with you when you move out. That means that you invested money into that home and cannot take things with you.
#7: No Evictions You may be paying your rent on time and doing everyting you should be doing, but there might come a time when your landlord decides to sell the property you are renting. That means you will have 30 days to find somewhere else to live. That can be really hard to do depending on the area that you live in.
#8: Ability to Entertain When renting a place you are usually very close to other renters which makes it really hard to entertain guests. When you own your own home you don’t have to worry about where your guests will park or how loud your music is.
#9: Additions Sometimes you may need more space. When you own your own home, you simply have to add on an addition, but when you rent you will need to find another place to rent or get rid of some of your belongings to get the space that you need.
#10: A Better Option for Families A large family is better off owning a home than they are renting. A large home ensures that they all have the space that they need and should another family member come along an addition can always be added.