While debate rages about whether to buy or rent, many people still hold the dream of owning their own home close to their hearts. It seems there is something about owning a home that makes it a worthwhile and highly sought after life goal for many people, a rite of passage into successful living. But why is it better to buy a home than to rent? Here are four reasons.
A Sense of Security
Owning a home offers a sense of stability and permanency that a rental home just cannot provide. If you live in your own home you are not going to get kicked out, you won’t be forced to move when the lease runs out or the owner decides to sell the property. This becomes even more important when couples decide to start a family. Owning a home offers parents the peace of mind that they can create a stable environment in which to raise their children. Owning a home means that you will be sticking around for a while, you can get to know the neighbours and become part of the local community. Owning a home has a strong psychological benefit, offering the owners a comforting sense of security.
The Power of Choice
Buying your own home means you can choose the type of house you like. Whether you buy an existing home or build a brand new one, you can choose a style you like; you can buy single storey or double storey, you can have one garage or three or four. The choices are almost endless and they are all yours. For a great selection of house plans check out this website and find a design that suits your needs and tastes. And once you own the house you can do whatever you like with it. If you want to change the colour of the walls, you can!
Buying a house is a great investment. It will grow in value and you can look at your mortgage repayments as a forced savings plan. If you are not good at saving, this could be a very helpful financial step. Buying property is a path to wealth accumulation. Whereas paying rent is considered as dead money, paying off a house means that at the end of 30 odd years you will own a home, an asset worth considerable money. And if you pay the loan off more quickly you will be even further ahead. Paying rent for 30 years will not see you one cent richer at the end of it.
Although interest rates may rise, once you have a mortgage you will have a regular monthly repayment to include in your budget. Unlike a rental situation where rents will certainly increase with the years, mortgage payments will only vary with interest rate changes.
There are very good reasons for buying your own home, both psychological and financial. What other reasons would cause you to buy a home? Tell us your ideas in the comments section below.