For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come.
Why Buying a Home is Better than Renting!
Dated: August 23 2019
In most parts of the U.S., home buying is still a better decision than renting for people who plan to remain in the space for at least 4-5 years or more, both for financial and emotional reasons.
Why Buying a Home is Better than Renting
Conventional wisdom used to state that buying a home is always a great investment. But after the housing crisis, many people who saw their equity sliced in half began questioning this logic.
Here are the top two reasons that buying is better than renting!
If you hold a fixed-rate mortgage, your monthly principle and interest (P&I) payment remains the same, regardless of how prices are moving in other industries. (Your property taxes and homeowners insurance may rise.) Price consistency offers the advantage of planning for the long-term future. As a homeowner, you can anticipate your monthly housing costs in 5, 10 or 15 years.
If you’re renting with a month-to-month lease, your landlord may announce a price jump with only 30 to 60 days of advanced warning, depending on the laws in your area. This puts renters in the difficult position of needing to either find the additional funds or scramble to secure new housing with little advance warning.
Pride of Ownership
As a homeowner, you can take pride in crafting, personalizing and perfecting your home. The space can truly morph into a reflection of you, in a way that a rental property never could. You wouldn’t invest hundreds of hours cultivating an exquisite garden in a rental property.
You wouldn’t hang wallpaper or replace the light fixtures on a rental property.
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