Everybody needs a space to live in. But, not all people operate in the same living situation.
Over 67% of Americans own homes, while the rest rent houses, apartments, or rooms, and some bounce around from place to place. Renting can come with perks, but buying offers benefits you shouldn’t pass on.
Keep reading to learn five great reasons to buy a house!
Take your monthly rent payment and multiply it by 12. Now throw that number out the window, because each year that is money you toss into something that still is not any closer to being yours.
When owning a home, you will still make monthly mortgage payments. But, it all turns into equity.
Calculate your home equity by subtracting what you currently owe on your mortgage from the current value of your home. This number represents your actual asset value
Your equity will increase as you pay off your home. It may also go up when circumstances in the housing market make your home more valuable.
Equity not only means this home belongs to you. It also provides you with leverage when getting a bank loan against the value of your home.
While renting a home, your right to that space ends when the lease expires. The landlord might allow you to sign another lease to stay longer, but it comes with no guarantee.
If you break any rules of the lease agreement, they may also force you to leave prior to the end of your agreement. This leaves you with shaky security at best, and it does not last.
When you own your home, you get long-term security, assuming you pay your bills. Your family can settle in and feel comfortable.
3. Fixed Cost
When your lease agreement expires, if you and the landlord opt for you to stay, they can raise the rent. This feels jarring when you already pay the maximum you can afford.
Mortgages work differently. When you buy your home, you lock in the cost of your mortgage agreement and it never changes.
Apartments often keep people coming and going. Buying your home makes you a permanent part of your neighborhood and allows you to establish familiarity with your neighbors and your surroundings.
This can lead to lasting friendships for you and your children. It also creates comfort from looking out for each other and knowing everything around you.
5. Creative License
Homeownership allows you to design your home your way, without permission. This means you can paint with funky colors, knock down walls, and remodel as you please. Get ideas for desirable home features in this article.
So Many Reasons to Buy a House
If you do not want to let go of the convenience that comes with renting, reread these reasons to buy a house. With the liability comes great rewards that you and your family can cherish throughout a lifetime. Build memories in your home, instead of somebody else’s.
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