The Advantages of Buying than Renting

In a world where everything depreciates in value over time, there is one sure way that you can rely on that would appreciate in value - properties. While it is normal for the average person to rent or lease a home all throughout their lives, what most people do not know is that it is actually more economically beneficial if you set up a mortgage and buy your own property than renting? Both Buying and Renting gives the security of having your own place to live in for both comfort and functionality. Renting will always be a written expense with no future reward for you. One can even argue that renting is money wasted because not all repairs, upgrades and modification in you rented property is shouldered by your landlord - in the end, you end up paying for the upkeep of a property that isn’t even yours. People have different opinions on whether to buy or to rent, eventually, a decision has to be made. Here are a few benefits that stand out when buying a home that can help you decide which way to go:

1. Decrease in Living Expenses in the Future

When you purchased your home with cash or even a mortgage, the chances of eventually reducing your living expenses are only paid a certain time period. After that has been fully paid, living expenses you would have to pay would just be your operational expenses like utilities, cable, internet, etc. Even if you decide to purchase your home in cash, this would be a one time cost and would still result in lower living expenses moving forward. 2. Having the Flexibility to Personalize One of the best advantages of being a homeowner, you can do anything you want to your home, since well, it’s yours. You have the freedom to take down walls or build new ones, re-tile the bathroom, change the wall colors, add cabinets and shelves. It’s all up to you. Of course, keep in mind that all of these would come at a cost, but still, you’re putting in the work and the money towards completing your dream home. 3. Not at the Mercy of A Landlord You wouldn’t have to worry about lease renewal wherein the landlord would suddenly decide to increase rent or decide to sell with little to no notice leaving the renter with very little time to look for another apartment. Another inconvenience of renting is that more often than not, the landlord would have a set of keys to your apartment so they can enter anytime and possibly show your place to potential renters without you knowing about it. 4. Stable Household Purchasing a home is a big commitment, one that should be part of your long-term plans. People purchase homes in communities that they choose to settle at and more often than not this then becomes a family home, a home where the entire family can put down roots. This stability brings comfort and a send e of security wherein you do not have to worry about moving after your lease is over or a big move wherein you relocate and have to simultaneously sell your property and buy a new one. 5. Passive Income If and when you decide to move, selling your property is not the only option. You can explore the possibility of becoming a landlord and earn a passive income by renting out your property. This would be a profitable setup especially if you do not have a mortgage anymore since rent owed to you would be net income already.

Final Thoughts

The appeal of calling a home yours is something that we can’t put a price on. As a prospective buyer, it is important to identify and keep in mind your priorities, current needs, and plans for the future. In the process of deciding whether to buy or rent there are pros and cons to be considered and would ultimately depend on who is looking for a home.