Sometimes it’s hard to decide whether or not you should own or rent a property. After all, there are good reasons to do both, but when it comes to owning a property there are several advantages that you should take into consideration.
Ten Reasons to Own a Home #1: Renting Wastes Money
When you rent a property, the money you pay each month is wasted. When you own a home, your mortgage payments pay off that home. In other words, you are actually working towards owning something rather than just paying for something that you are only using temporarily.
Ten Reasons to Own a Home #2: Ability to Decorate
When you own your own home, you are able to paint the walls however you want. You can also have the type of curtains that you want. Renting a home usually limits the amount of decorating that you are able to do.
Ten Reasons to Own a Home #3: No More Payments
Once you have paid off your mortgage, you’re done. There are no more payments. Even if you rent a property for 30 years, you’ll still have to make payments as long as you are there. Owning really does give you more money when you retire.
Ten Reasons to Own a Home #4: Resale Value
Once your home is paid for and you decide to sell it, you might be able to get more money than you put into it. As time goes on, the cost of properties can rise depending on how the area changes, this can lead to a resale price that is more than what you originally paid. This means you might be able to buy your dream home in Florida when you retire.
Ten Reasons to Own a Home #5: Cheaper Than Renting
If you have good credit, there is a chance that you can get mortgage payments that are cheaper than what you might pay if you were renting a home instead. In this case, it really does make sense to own your home rather than renting it.
Ten Reasons to Own a Home #6: Keep What You Install
When you rent a home, your landlord might not care at all if you make changes and add appliances. But, there are some changes that you cannot take with you when you move out. This means that you have invested money into that home and cannot take things with you.
Ten Reasons to Own a Home #7: No Evictions
You may pay your rent on time every month, but there may come a time when your landlord decides to sell the property you are renting. This means you will have 30 days to find somewhere else to live. Depending on the area you live in, this might be really hard to do.
Ten Reasons to Own a Home #8: Ability to Entertain
When you rent a property, you are usually very close to other renters which makes it really hard to entertain. When you own your own home you don’t have to worry about where your guests will park or how loud your music is.
Ten Reasons to Own a Home #9: Additions
Sometimes you may need more space. When you own your own home, you simply have to add on an addition, but when you rent you will need to find another place to rent or get rid of some of your belongings to get the space that you need.
Ten Reasons to Own a Home #10: A Better Option for Families
A large family is better off owning a home than they are renting. A large home ensures that they all have the space that they need and should another family member come along an addition can always be added.