You may be debating on whether to embark on a home buying spree or to keep paying rent eternally. Both are good choices but which one is better for you economically and otherwise?
Do you really want to be paying rent for as long as you live? Moving from one rental to the other? These and many more factors should tell you that investing in real estate is the right choice. Various researches conducted on this issue also suggest that home buying is more advantageous than renting.
- Comfort – Living in your own home gives you a measure of comfort and feeling of contentment that rentals won’t give you especially if you have a family with kids. You do not have to move from one apartment or neighborhood to another due to increase in rent or security issues. The home is yours to design and decorate to your taste to give you the comfort you desire. You can attach permanent fixtures, add or remove at will.
- You save costs – Even though it may not look like it in the beginning, but home buying is cheaper than renting in the long run. Besides, you pay a fixed mortgage rate instead of rents that are bound to increase over time. The volatility of the real estate world does not affect you. It rather gives you a hedge against inflation.
- Increase in Net worth and Self-worth – Owning your own home adds to your net worth. It is an easy way to build wealth. It also gives you a sense of worth and accomplishment not to mention the joy and peace that comes with it.
- Less Tax – Real estate taxes are deductible, helping you to actually save more while you are buying a home.
- Security – When you buy and live in your own house, you have greater security. Your roots are well planted and you become a member of your community, participating in their activities. You will cease worrying about rent increase and eviction.
- Forces You To Save – Apart from having to save for the 20% down payment, you are also forced to save monthly for the mortgage. This enhances financial discipline.
- Freedom to sell or rent – You are your own landlord, therefore, you can decide to rent part of your home or sell it off if you realize the real estate market will favor you at that point. The value of your home will probably appreciate over time, so you are in gain.
- Asset For Your Children – Your children stand to benefit a lot from your personal home. You give them short and long term stability. Your home is a great investment that you can bequeath to your children when you pass on.
- Take Advantage Of Buyer’s Market – There is no rush, you can take your time to choose the home most suitable to you. No need to settle for less, rather ask for more. It is time for you to own that dream home of your choice and add or remove whatever you want from it.
Home buying affords you various personal experiences and accomplishment like nothing else. So go ahead to save, buy and potter around your home.