Whether it’s cheaper to buy or rent a home is a debate that has been ongoing for years. Many people are into rentals because this option requires low upfront investment, at least in most cases. Comparatively, however, it’s much better to own a home than rent one.
Besides the fear of huge initial investment, some have the desire to own a home but lack the much-needed information about home-ownership. This lot still believes that one needs to raise a huge amount of money before even thinking of owning a home.
But things have changed. Now you can own a home through a process that, more or less, works like a rental. The beauty of this is, unlike in rentals, the amount you pay in installments gives you some right to the home.
Surely, why simply pay rent (some say throw away money) when you can “pay rent” and eventually own the home?
Below are more reasons why you should consider owning a home:
1. Freedom to Modify Your Home
If you’re living in your own home, you have the freedom to modify its looks to give you the desired feel without worrying about a landlord giving you trouble. You can repaint the color of the roof, plant a Cherry Blossom tree, own a dog, and more.
2. Appreciation in Value
Those who own a home have the benefit of the value of their home appreciating. In rentals, however, if the value appreciates, most landlords would adjust the rates so that you pay a higher rental rate.
3. Mortgage Rate Remains Flat As Rent Rises
If you choose to pay for your home through a mortgage, you’re assured that the agreed mortgage would remain the same regardless of the market dynamics. On the other hand, however, rent can be adjusted over a period of time, something that can be quite inconveniencing.
4. Owning a Home Gives You Peace of Mind
One of the main challenges that come with renting a home is the fear of a landlord kicking you out when you’re undergoing financial uncertainty and you’re, therefore, not able to keep up with timely rent payments.
There is no better time to own a home than now when landlords are raising rental rates to alarming levels.