Top 5 Reasons For Owning A House Than Renting
By Magnolia Realty | Jul 26, 2020
Whether you want to rent a home or buy, both decisions are decisive. It is not just a financial matter but there are other factors associated with your decision such as emotional attachment, savings accumulate over the years and others. You see people are inclined to buy a house, not just because it gives a sense of ownership but also it is significant to have a place to put down roots. Moreover, you can make buying a house as an investment that can increase as a source of tax deduction and property appreciation. On the other side, you will see people rent a house because it gives them flexibility and minimum responsibility it offers, though on the long-run they would have accumulated larger net worth if they have their own house.
Purchasing a house a big expense, but people feel connected to their own homes and imbibe a sense of stability. So, why should you own a house than renting? Let’s find out.
Privacy and Socializing
Most of the time tenants find it difficult or at least uncomfortable when it comes to privacy in a rented house. When you are an owner, you are free of any landlord intrusion and unwarranted inspection. You are free to set your own rules, decide your pets, additional refurbishment and other things. Naturally, in society, you must respect the norms and take your neighbours into consideration and respect the noise level and appearance of your property. Nevertheless, as an owner you have a freedom of changing things within your apartment, you can decide the number of guests and time of stay you prefer.
Property appreciation remains in a positive graph unless there is any major economic turmoil. This is the reason investment in property is considered the best of all. With each loan payment, you are essentially building equity and eventually your property will have a larger valuation than what you owe on it. Moreover, the property is an asset and in case of emergency, you can mortgage your home for extra cash for medical or otherwise crisis.
It is an obvious fact that most people would prefer to see their home equity increase rather than paying rent. When you are paying rent it means you are helping some other person to see their equity grow. If you are paying for rent, why not pay for your own house so that you have a valuable asset as well as your equity.
Have an opportunity for passive income
Buying a house isn’t just moving to a new home – it’s something that you can use it as your asset and earn a passive income. If you already living in an owned home and you are getting a good deal in some other property, you can still consider it to buy it. For many, renting their own home is a good source of income, even if they are still living there. If you are getting a good deal in a triplex or duplex, you can live in one and rent out the others. In this way, you don’t have to take a load of loan because your tenants will cover the loan amount.
Think of your children
Everyone has a desire to live in a good society, nice environment with sufficient amenities and facilities. It is not just for you but for your children as well. When you have a child, you are more interested in stability and familiarity. Your daughter or son will feel more positive when they have a place to call a home of their own. When you live in rent and move frequently, the friends of your children are temporary and the opportunity to stick to a good school is also provisional.
You get to make it your own
You have a kitchen that you dislike or a bathroom that requires a serious refurbishment, but you can’t update it because you are living in a rented house. When you own a house, these types of renovation are your call. You can do whatever change you like because that’s your home. With your own home, you will get far greater flexibility in all of these things.
Buying a house is a big expense but there are many benefits to it. With property appreciation, the house might be worth more than it is paid for. There might be a potential source of passive income from it, also you need an emotional connection to a house that you own.