3 Reasons to Buy a Home vs. Rent

3 Reasons to Buy a Home vs. Rent

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We bought our dream home just over a year ago and are still settling in. We rented for years and don’t regret it as it allowed us to figure out just want we needed when we bought our home.  However, once we were able to buy, I’m so glad we did! If you are thinking of buying a house, then there are a lot of benefits which you can reap in doing so. Here are the reasons why buying is better than renting for our family.

 

Cheaper In The Long Term

 

Buying a house might seem like you are spending a lot of money on something, but it will work out much cheaper in the long run. Once you have finished your payments, then you won’t have any large monthly expenditure anymore. Additionally, depending on the mortgage you take out, it could work out cheaper each month than renting right off the bat. This will depend on how big your deposit is and how long you want the mortgage to last for, but it could mean that you end up paying less each month. However, at the end of the day, it means that everything you are paying is going towards something and that is the important part.

 

You Will Own The Property

 

As mentioned above once you finish your mortgage payments, then you will own your property outright. This means that you will be entirely free of having to pay anyone anything to live there. Even while you are making mortgage repayments, the house will still be yours. This will mean that you have the freedom to redecorate and change the house in ways that simply weren’t possible when you were living in rented housing. Once you own a house, you can also do things like securing a loan against your home. This means that you can get a large loan at a lower amount by putting your house up against the loan. This would result in your losing the house should you fail to make the payments, but if you are confident that you can, then it can be a great way to pay for something expensive and get a much cheaper interest rate than other kinds of loan. Once you start on the property ladder, it is much easier to move house again. You will be able to make your mortgage back in cash plus more hopefully, and this will set you up for moving to another place of residence if that is what you want.

 

Stability

 

When you are renting, there is always the chance that the landlord will decide to sell the property or want to increase the amount of the rent. When you buy a house, you don’t need to worry about these kinds of things. You have far more stability, and it means that you start to get comfortable and settle into living in a single place long term. It means that if you accidentally spill wine on the carpet, then you don’t have to start swearing because you won’t get your huge deposit back, but you can swear because you ruined your carpet. This might seem like an arbitrary difference, but if you have been renting for a long period of time, then you know that inspections can be arduous and painful experiences. When you own a property, you don’t have to worry about that and you only need to live up to your own standards. It’s not like you are going to evict yourself.

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{This is a collaborative post.}



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