Blog Why you should stop renting and buy a home

Why you should stop renting and buy a home

19 May 2017
Why you should stop renting and buy a home

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.