Why Buying a House is Better than Renting? 3 Reasons to Consider
The debate between renting and buying a home continues. Most people benefit from home ownership over renting. Renting has a time and place. In a pinch, the option is convenient, fairly short-term, and cost-effective. Buying a home is a long-term commitment that comes with a set of responsibilities. Here we take a look at three reasons why buying is better than renting.
Wealth creation is the driving reason why professionals in the finance industry encourage homeownership. If you can afford a $2,000 rent payment, you can technically afford a $2,000 monthly mortgage repayment. To attain a mortgage, there is an application and a thorough financial background check. Our Mortgage House lending specialists walk you through the application as well as the current home loan rates.
Once you’re in your own home, the property builds equity. As a renter, your payments build the equity of the owner, not yourself. When you build enough equity, you can parlay that into other financial endeavours such as purchasing a second home.
You Own It
Homeownership means that you own the place where you sleep, eat, and live. Ownership provides stability. The property cannot be sold forcing you to move out. Another perk is that the monthly repayment does not increase without warning.
The stability of homeownership allows you to make plans for the future. You know where you’re going to live for the next 15 to 30 years so it eliminates one worry.
Make It Your Own
Owning your home means modifying it to your taste. You can also scale it to fit a growing family. As long as you attain the proper permits, you can renovate, upgrade, and extend as necessary.
Buying Is Better than Renting Conclusion
Buying is better than renting for at least three reasons. You start building wealth, receive stability, and a place to make your own. For more information, contact our Mortgage House lending team.