A tough decision in today’s time is choosing if you are going to buy or rent your house. There are many pros and cons for both sides, but below are the reasons why you should go for it and choose the buy option.
Mortgage Costs Don’t Fluctuate
When buying a home, you make the same payments over and over again until you pay off the house. Renting costs can increase and decrease at their own rates depending on the day. It is much more reassuring to know exactly how much you are going to owe instead of hoping you picked a good day to rent.
Freedom with Property
When you buy a house, you own the property with it, so you don’t have to worry about having to make sure whatever changes you want to make are ok with your landlord. You can paint, renovate, redecorate, and add on anything you want to your house when you buy it, instead of having little to no freedom when you rent.
You Can Make Money Off of Your Home
Condo renting versus owning can be a tough choice but think about it this way. You can rent out your condo to people commuting, vacationing, or touring through where your condo is located. It is the perfect way to make money, and you have total control over what you charge and who you let stay because it is ultimately your property.
You Can’t Get Kicked Out
Landlords can evict their renters if they decide to end the lease, sell their property, or rent out the property to someone else, leaving renters with unexpected homelessness. When you buy a house, the only person that can kick you out is yourself, if you choose to stop paying your mortgage randomly.
No More Having to Look for a New Place to Stay
When renting, once your lease is up, you have to either find a new place to live or try to renew your lease. With owning your house, you will not have to look for a new home every year, or however often, your rental is up. This also provides stability and being able to get used to your surroundings. Stronger friendships and connections can come from rooting yourself in one place for a more extended period of time
Being able to own a house is a massive step in the real adulting world. Owning a home is a big purchase, and can possibly be your biggest purchase. The sense of accomplishment can make you feel even more attached to and in love with your house, creating an everlasting bond.
Benefit from Taxes
While it is true that owning a home can make taxes a little more difficult due to the itemizing process, you also get the tax perks of homeowning. You can possibly deduct all of your home mortgage interest, property taxes, or private mortgage insurance payments, all making your taxes a little bit cheaper than you would expect.