While buying a home is no small investment, there are also huge benefits. Consider that someday, your house might be worth more than you paid for it, and you’ll move on at a profit. You might also have a potential for future passive income, if that’s the route you want to take. And paying off your home to live mortgage-free can set you up for a comfortable retirement. There’s also the emotional appeal of owning a home — the house is yours, and for some people, you can’t put a price on that.
Here are 8 ways Buying is better than Renting:
1. Owning a home allows you to build wealth to purchase future homes.
The profit you gain in equity can enable you to invest in additional properties which can provide you with more passive income.
2. Buying could help to increase your net worth in ways renting can’t.
For those who plan to stay in their home for a long time, they can see big benefits in building their net worth. Owning a home helps you build a valuable asset that is worth more than just a place to live.
3.You can significantly lower your living expenses in the long run.
For many, the prospect of living rent or mortgage-free someday is alluring. That’s not something you’ll ever be able to do as long as you’re renting.
4.No one will sell it out from under you or raise the rent.
A landlord has the ability to raise rent prices or unexpectedly decide to sell the apartment entirely. That wouldn’t happen with a mortgage.
5. You get to make it your own.
You can do whatever you’d like to the house you own, from full remodels to painting the walls. You’ll have a lot more flexibility in all of these things, and for many, that’s a very appealing part of buying a home.
6. It’s more stable and familiar.
If you are in a life stage where you plan to grow your family, buying a home in a neighborhood or school district of your choice will offer your family a greater sense of stability and comfort in knowing their community.
7. You’ve got the chance to get a great deal.
If you have some extra cash on hand and a bit of patience, it’s possible to get a great deal and make your new home worth more than you paid.
8. Current interest Rates are at an all time low!
Record low mortgage rates have been catching the attention of potential home buyers. This presents opportunities for people to afford monthly mortgage payments and higher priced homes.
Stop paying a landlord and start investing in your future! If you’re renting send us a message to see how we can get you into a home for what you may be already paying in rent!