Food, clothing, and shelter – these are three basic things every human being needs to live. Shelter is rarely mentioned ahead of food and clothing, but that doesn’t make it any less important. Everyone needs a house to come home to, and sooner or later we all have to face the question: should you own a home, or rent it?
Both options naturally involve expenses, but the main difference lies in the fact that owning means the house will become your property, whereas renting means you are merely living there for an arranged time. Here we will give three basic reasons on why owning a home is far more beneficial than renting.
1. You Save More Money
One’s financial situation is definitely an important consideration when deciding to rent or buy a house. Generally, renting a house costs less at the start of the arrangement, and this is because the property you are living in is only yours for a temporary basis. Most of the time, rent is paid through monthly installments, and this can be very beneficial if you’re not planning to stay there for long. But if you need to live in an area for a prolonged period of time, renting can easily get expensive, and this can be very troubling when a “rent to own” option isn’t available.
Just like renting, buying a house also often involves a contract between the two parties, but in this case you get to keep the house after having paid everything off. This means that after the payments have been completed, you end up saving money that would instead have gone to paying rent if you hadn’t purchased the house.
2. Home Ownership is Less Stressful for Families
Everyone needs stability, and there’s nothing quite like owning a house to make you feel secure and safe. Renting generally involves more fees to keep track of, such as initial costs and security deposits that don’t come with buying a house. Plus, the fact that you are dependent on other people and need to pay those people on time just to be able to live somewhere won’t give the same peace of mind as knowing the house you are living in is yours or will soon be yours.
A house you own is also one of the best ways you can ensure your children have a happy childhood. Youngsters don’t adapt to change as well as adults do, and the uncertainty of having to move houses or apartments all the time can easily stress them out and may even lead to problems such as anxiety or depression in the future.
3. It’s Something You Can Call Your Own
Owning property, especially real estate, can be a very valuable asset in today’s unstable economy. At the very least, having your own house gives a sense of assurance that you will always have a place to live. You also have the knowledge that you can lease your property, mortgage it, or set it up for sale, and these options can certainly help you when facing financial difficulties.
You have control over what you do with your house, because your own it. This means that should you decide to do anything to upgrade the kitchen, bathrooms, or living room — you don’t need to get approval from a landlord. Furthermore, a part of what you spent on those upgrades stay with the home if you ever decide to sell.
These three reasons: financial savings, less stress, and a place to call your own are just the tip of the iceberg when it comes to advantages homebuyers have over renters. They are definitely something to keep in mind and consider when deciding between renting a home and purchasing one.