6 Reasons to Buy Your Home Over Renting One
Not only is your home where the heart is, it could also be where the money is. Although there are more responsibilities to owning your own home as opposed to renting one, the payoffs down the line could be far more beneficial than renting. Both arguments to renting versus buying have logical points to them. However, owning your home could have a greater influence in your life that some may not consider.
1. It is Yours - Although technically, the property belongs to your lender until the loan is paid off. Once the title is free and clear, you can essentially do whatever you want to it. You could move out and use it as a rental property to have extra income. You can live in it and give yourself a raise of several hundred dollars per month by not having a house or rental payment.
2. Reducing Wasted Cash - When renting your apartment or house, you get nothing out of it except for a place to stay for another month. Instead of handing money over to your landlord each month, you could be investing it into a home that will eventually be yours to live in for free – except for annual taxes, of course.
3. Remodeling - If you are renting from a landlord, you’ll need to have his or her permission before you start remodeling. With your own home, you can design and remodel each room as you see fit. If you wanted to knock out a wall to open up the living room, no one will stop you. Unless it is a load bearing wall, take the sledge hammer and go wild on it.
4. Ownership Changes - Sometimes, those who rent apartments or houses can be subject to eviction if the ownership changes hands. Although this will be clearly stated in the rental agreement, it is still cause for concern knowing that you could be kicked out if the landlord sells the property. When you are buying your home, the only one who can kick you out is the lender if you don’t pay.
5. Neighborly Annoyances - A major disadvantage to renting an apartment as opposed to buying a house is the fact that neighbors can be unruly. A relaxing evening of watching your favorite television show can be interrupted by the loud party going on in the apartment above you.
6. The Same Money - In a vast majority of buying homes, the monthly payment is roughly the same amount of money you’d be paying on a rental every month. In many cases, the payments are actually lower. The only real difference is that you’ll own your home at the end of the day without having to eventually give it back.
While the decision to buy or rent is a personal preference, owning your home could have great rewards. It’s true that buying your home has greater responsibilities, but the payoffs make the hard work worth it. If you haven’t considered buying your own home yet, maybe it’s time you decided to grow some roots and stabilize your situation. Why spend money on something you can’t keep?
Sara is an active nanny as well as an active freelance writer. She is a frequent contributor of http://www.nannypro.com/. Learn more about her http://www.nannypro.com/blog/sara-dawkins/.
Tags: buying a home
, Cost of owning
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, renting a home
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, same cost
, Renting vs buying
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