While I was searching the internet for something to convince my urge to buy a house, I just randomly googled buying vs. renting and to my surprise, the results were all pro-renting and anti-buying. Well, I was obviously not persuaded to rent anymore because of my past experiences with renting, I decided to shed some light over the subject for people who might not have been in my place or those who still think, renting is better than buying. There may be some reasons based on which renting might get more leverage, like not having to worry about repairs (but still have to pay) and not getting to worry about other little things all on your own. But there are still far more reasons based on which I would consider buying your own house over renting someone else’s. Here are some good ones for you to at least think before you rent.
You Buy once:
The main reason buying is still better than renting is you don’t have to pay your monthly rent. You make the payment once, and you own it. Even if that’s not the case and you opt for mortgage; just calculate the average rent you pay per year and the sale price and mortgage payments you’ll have to pay. Yes, your rent is still more than that. Given, the rate at which the rents are going high it is still a pricey choice as compared to buying. You may have to be able to collect a hefty amount but you’ll be paying all that just once rather than a continuous procedure like: down payment, maintenance, security deposits and the increasing rent every month. Houses in the major cities are still comparatively cheaper to the rents you’ll have to pay and which will collectively sum up to a large amount. Trust me when I say buying a house is not as impossible and hard as people have made it.
We all know the age old adage, “property builds equity,” but this actually is true. It goes like this, initially in mortgage, the monthly payments you make clears off your interest, then with time the balance is eventually decreased. The lesser, the balance; the more equity you gain over your property. As your home gains more equity value, it increases its resale value as well. Similarly, the built up equity over your property will allow you to plan and achieve your future goals ore smoothly than having rental worries on your mind.
The sense of belonging:
The best feeling you get with owning a home is the sense of ownership and possession. For people, who have lived as renters, the worst thing would be not able to personalize or customize the place they live in as per their wishes. With your own home you have the freedom and choice to make changes or add things just the way you like in your own living space. You don’t have to rely on your landlord to get things fixed, whenever he wants to (or maybe even not want to). Paint your house, add the light fixtures of your own choice or just try out some renovations after some time; there is no stopping you.
A reliable asset:
Your own home is the most reliable asset one can have, the financial and living security it provides to you and your family can never be attained from a place you rent.
Federal and a few state income taxes gives people an advantage with owning a property by deducting interest and property out of them. You can save some on your taxes through this. However, in order to get these benefits on tax you need to consult tax advisors or file an income tax annual return with the government.
There are still many advantages of owning a house that I can list here but these major gains will definitely won’t let your money go to waste.