Buying vs. Renting - Why Buying Your Own Home is the Better Option
April 30, 2010 - Taking on a mortgage loan may seem like an intimidating process, but owning a home has its benefits. In the great debate of buying vs. renting - which one is really more beneficial? We've got six reasons why owning your own home can actually help you save money and be happier in the long run.
A Great Investment
House prices tend to rise over time, therefore making a home one of the best investments out there. The mortgage payments on your home will always remain the same for the life of a fixed rate loan. Unlike when you own, the prices of a rental unit will fluctuate with inflation.
Your Mortgage Payment is Cheaper
The real cost of renting is much higher than making a monthly mortgage payment. Even if your home price does not appreciate over time, you'll still be able to sell it and get some of your invested money back. Not to mention you'll be able to receive a tax break on the mortgage interest that you pay each year. When renting, the money you put into your cost of living will never be returned to you.
Interest Rates are still Low
Historically low interest rates and greater housing affordability make it an optimal time to buy a home. Right now there are a wide variety of homes to choose from, so finding one in your price range should be much easier than in previous years.
You Can Make it Yours
Unlike in a rental unit, you'll be able to redecorate and renovate your home any way you'd like. When you own a home, you're able to replace fixtures, build a deck or even do a complete remodel. Not only is it a great way to personalize your space, but in return, it may increase the value of your home.
Enjoy the Outdoors
One of the biggest pluses of ownership is that you're able to have an outdoor area. Your outdoor space allows you to garden, play with your children and pets and entertain guests.
You're in Control
A home can be one of the most stable and emotionally secure purchases of your life. Owning your own home allows you to be in full control of your living situation without having to worry about negligent landlords and the possibility of your building being sold.