Have you decided to stop renting and buy your first home? Renting a house has its benefits if you want to move frequently, if you don’t have enough cash for the down payment, or if you don’t want the responsibilities of home maintenance.
But most people prefer owning to renting in the long run. If you’re still on the fence about whether you want to buy your own house, here are some arguments for home ownership that will help you make the jump:
1.You will build equity
Your rent payments build equity for your landlord, not for you. When you buy your own house, you can put the money towards your own mortgage instead of making your landlord richer. Paying your own mortgage will gradually make you wealthier.
2. You gain independence
Buying your own house means there’s no landlord to tell you that you can’t change the colour of the walls, you can’t have the open space that you want, or you can’t drill holes to hang your pictures. Your options to decorate your rental space are limited but if you own the home, they expand greatly.
3. No pet restrictions
Many landlords don't allow tenants to have pets. If you are a pet owner this can greatly limit your choice of homes. Other landlords will allow pets to live with you but charge a premium for the privilege. If you own your own home you won't have these problems.
4. The value of your house may appreciate
There is an excellent chance that the value of your house will appreciate over time and in some areas it will go up sharply.
5. There’s a sense of stability
Having your own home means stability. You know you can remain for as long as you want and you become a stakeholder in your suburb. This allows you and your family to build long-lasting relationship within the community.
6. The house will be yours
Owning a house gives you a sense of pride. After years of paying your mortgage, you will own a house which you can retire in and eventually pass on to your children.
06 April 2018
In most cases, rental income covers some of monthly repayments, insurance, and other regular expenses. If you don’t have rental income, you will end up shelling out your own money.