Why I Believe Buying A Home Is Better Than Renting A Home
The American dream is to own your own home. Rates are low, the housing market is gaining strength and you are sick and tired of hearing footsteps above your head. It might be time to look into owning your own home. Home ownership is just one of those things that fills you with pride. Why should you own a home rather than continue to rent?
A home is definitely where you hang your hat, but it is also more than that. When you own your home, you finally have something that is yours. You can decorate it as you wish, orange paint and all. When you rent, you must abide by the rules set forth by that owner. Your own home is uniquely yours in so many ways. I love to go outside my home and think about what I would like to plant in my garden next spring. Or, how to make my landscaping look different at night using spotlights on my plants and trees. Since it is my house, I can do these things as often as I wish.
Home ownership also helps you stop throwing away money to pay a landlors's mortgage each month. When you pay your rent every month, you are paying for your landlord. That money goes to them and probably to their mortgage company. In a few years, your landlord will own that home or property free and clear. When they get ready to sell it, you might be out of an apartment or house. But, they will get all of that money to themselves. If you own your home and you sell it, the profit is yours to keep. You can invest it in whatever you wish; even a new home. Even if you decide to stay in your house forever, once it is paid off, it is yours. Can you imagine living in a house without having to pay a mortgage or rent?
The typical home mortgage is set up for thirty years. That sounds like a long time, but it will pass quicker than you think. Once you are done paying your mortgage, you have an amazing asset that will only grow in value. If you have rented an apartment or house for thirty years, you still have nothing. No house of your own, no place to pass down should you choose to do so, no home for your grand kids come back to every year.
Owning your own home is not always easy, though. You need to be prepared to fix the things that go wrong, such as plumbing issues, a leaky roof or just daily maintenance. Do not let those little expenses frighten you away, though. The pride and self-fulfillment that you will get from owning your own piece of the American dream will more than make up for the costs. Now it is time to go find that home where you can hang your hat.