5 Reasons Why Buying a House Is Better Than Renting

By: THINK FRINK HOME TEAM

 

 

 

Let's face it: Purchasing a home is costly. In addition to having ongoing insurance and tax obligations, maintenance and upkeep are also very expensive.

Nevertheless, there could be a significant benefit aside from the expenses. Think about the possibility that your house could one day be worth more than you paid for. If that's the direction you choose to go, you could also have the possibility for passive income in the future. Additionally, paying off your home to live mortgage-free can set you up for a comfortable retirement.

And the most important part is that the house is YOURS, and for some people, you can't put a price on that.

 

Below are some of the reasons of why some homeowners choose buying instead of renting. 

1. MORE STABLE HOUSING COST

While rent can be unpredictable and typically increases every year, majority of mortgage payments stay the same throughout the entire loan term. If taxes rise, the increase is often gradual. This stable housing cost especially important in times of inflation when renters lose money and owners make money.

2. NO ONE WILL SELL IT OUT FROM YOU OR RAISE A RENT

Have you ever renewed a lease only to discover that your landlord is increasing your rent once more? A mortgage would prevent that from happening.

3. IT GIVES YOU FREEDOM TO MAKE ANY CHANGES REDECORATING OR RENOVATING YOUR OWN PROPERTY.

When you own a home you are in control. You have complete discretion over how you landscape and decorate it. You may keep one or more pets. Nobody may unexpectedly enter your house, inspect it, and then threaten to evict you.

4.  OWNERSHIP IS A LEGACY

Are you concerned about providing for your loved ones after your pass away? Buying a home is one way you can ensure they have money when you pass. They may either sell the house or live in it if you give it to them. You can’t do that with a rental.

5.  STRONG SOCIAL TIES

When you rent a house, it can be challenging to feel a part of the community. Yet, if you become a home owner, you'll become a member of the neighborhood and develop close social relationships.

 

These are just some of the PROS in buying a home. Are you now ready to buy? Call me and we can schedule a meeting so we can meet your real estate goals. (206) 794-2159