7 Reasons Why You Should Stop Renting and Buy a Home
Many people argue that it is overrated to have house ownership but there are plenty of reasons and advantages why you should stop renting and buy a home.
The perks of house ownership that tend to stay stable over time include, the comfort of owning a home, building long-term equity, lower overall monthly cost, and of course pride that is associated with owning your own home.
Here are 7 reasons why you should stop renting and buy a home.
- Build equity in your own property
Owning a home simply means that now you have a property in your name.
The house that you buy can also have the potential to turn a profit; either as an investment property you sell later after equity build up or through renting it.
One of the leading reasons why people choose to buy a house over renting, is the financial benefits.
- Rents keep rising
If you live in a rented house, then most likely you’re facing the issue of increasing rent every year.
Do you know that our National Rent Index continues to climb? It shows that the rates grew 0.5 percent between May and June. Rates keep climbing over month-to-month growth of 0.5.
Currently, at the National Level year-to-year growth stands at 2.9 percent. In addition to that rates are now increasing in nearly all of the nation’s biggest markets.
But when you have your own house or property, your payment stays with you.
Unless you have an adjustable-rate mortgage or you refinance to take cash out or take out a home equity loan, your payment is not going anywhere!
- Stability for peace of mind
Another reason to buy a house over rent is that it provides a significant amount of stability for you and your family.
There are no such problems as the stress of rising rent prices or fear of being forced to move out due to the property being sold.
House ownership also provides you with mental stability; it will feel like a home that should be a secure and safe sanctuary for all – especially for young children.
- Decorating freedom
You could have seen that almost all rentals will have imposed rules on where and how you can decorate, and often times landlords are very stringent on what you can do to their property.
Restrictions may include no permanent gardening, no drilling into walls, stick-on hooks, and no painting.
However, in your home, it is totally up to you, so decorate to your heart’s content.
- You do not pay someone else’s mortgage
You build the equity of your landlord when you pay rent each month. And you do not see that money after moving.
But this does not happen when you own your house. Instead, you get to reap the profits of years of paying down the mortgage and not a landlord!
To make this happen, you need to make some moves and make house ownership a reality. Increase your savings to make a down payment and raise your credit score to qualify for a mortgage.
- Space for pets
A common downside that many people face when renting is the strict rules on pet ownership.
The problem with pets for most landlords, is they can be a nightmare. Pets can do serious damage to a property eating into the landlord’s bottom line.
That’s why many landlords shy away from allowing pets or charge monthly fees for allowing them.
If you own your home, you won’t have to worry about these restrictions.
- Build your home just the way you like it
When you are the owner of your home, there are no restrictions. You are free from all kinds of problems and stress.
You can build your house in any shape, in any way. Because it is your property, and you decide how to make it.