Most people would prefer to rent rather than buy a home in this fast paced age. It’s convenient and offers a degree of flexibility and freedom. This may be true for those who move often as work and life might take you to different places, however for those staying put, buying a home might actually be the better choice. Owning your home is cheaper in the long run and should you sell, you stand to make some money.
Most importantly however, the home belongs to you.
Owning your own home gives you a sense security. There’s no landlord to evict you or sell the property while you still have a lease going on. Additionally, if you have plumbing, electrical or any other issue that requires your landlord to settle, you have to wait until he gets round to fixing the problems. This can cause a lot of inconvenience. Also, what you can do on the property is restricted to what the landlord establishes in the contract.
Making it really feel like home
With a rented home, it’s difficult to put your own personal touch to it. You have to live with the wall colours and redesigning and decorating is severely limited to what the landlord says you can do. With your own home, you have the ultimate freedom to do what you want – you’re only limited by your budget.
Fixed mortgage payment
Unlike rent, your fixed mortgage payment can’t increase. A landlord may increase your rent once the contract expires depending on the market rate but if you owned your home, you won’t have to worry about fluctuating payments to the bank.
If you owned a house, you could rent it out and make a profit off the rental. If you have a spare room, renting it out would give you an alternative revenue stream. In your own home, you are only limited by what regulations the government has imposed, which would be a lot less strict than what a landlord would.
If you can afford it, you should certainly consider buying instead of renting. A house is a good asset, especially if you have a family to look after.
Furthermore, you save money in the long run and with good maintenance, can increase the value of your home in the years to come.