Owning a home is a dream for many people. It is the American dream to own your own house and have a place that you can call your own. It can be difficult to save up for a down payment on a house, but it is much more expensive to rent. Home ownership has many advantages that renters don’t have, including the freedom to make changes and improvements to the property.
When you look at the actual numbers, though, renting might be better for some people. But if you are able to make it past the initial financial hurdles of owning a home, you may find it more amenable to your lifestyle.
Here are several advantages of owning a home:
– You have more control over your living environment
– You can make changes to your property
– You can save money on taxes by deducting mortgage interest and property taxes
– You have more options when it comes to financing
Renters don’t get any of this and ultimately don’t have much say in what becomes of their living space if their landlord wants to make a change.
Let’s look at some benefits of owning a home versus renting so you can make this important decision for your future living situation. If you’ve been asking, “Should I rent or buy a house?” then this one is for you.
You Control Your Space
There are many reasons why people feel that owning a home is better than renting. One of the most popular is because you can change things. Renters are not permitted to make any changes to the property they rent, but homeowners have the freedom to do so.
Some renters may be worried about what might happen if they make changes and it doesn’t work out for them. But homeowners don’t have to worry about this because they can just paint over their mistakes or even tear down and start over if it’s not working out for them.
You Build Value Over Time
The average homeowner in the United States has about $200,000 in equity. This is because they have been paying their mortgage for many years. The equity is built up by the homeowner through paying down their mortgage and building up the value of the property.
That equity can be used to make a profit or get a loan someday.
Renting is not a good idea for doing this because you will never build equity in your home. You will always be renting and have to move when your lease expires. If you buy a home, you can put money towards your mortgage and own it outright someday.
You Can Sell It One Day
In the end, though, owning a house is better than renting because you can sell it for a tidy profit one day, if you find somewhere else to live after that, of course.
Renters own nothing as far as property and so are not investing in anything other than their next month. While it can be hard to build up the money needed to buy a house, it could establish to be one of the best decisions you make one day when it comes time to cash in on the home.
Review The Benefits of Owning a Home Vs. Renting.