The Advantages of Buying vs. Renting a Home
In today's hard economic conditions many people wonder if they have to take the risk to buy a home as renting is much more easy and secure. But it is a proven fact that if you are ready to cope with the mortgage and all the additional costs and expenses that accompany the home ownership to buy a home is almost always the better choice. Here I will try to cover the main advantages of buying your own home vs. renting. Have a look at them so you can gather as much information as possible to take the best decision.
The ability to own is may be the most essential advantage of buying a own home versus renting one. This is one of the most important investments a man can make in his life. it is also the most valuable one. This makes you feel like as you have achieved something in your lifetime. The ownership also gives you many rights. You can upgrade and remodel your home, sell it, rent it and generally do whatever you please within the law. Making improvements increases your home's value during the years. Owning a place gives you the ability to arrange it and decorate it exactly the way you want. It is not hard to create your dream home. On the opposite when renting a house you have to always seek for your landlord's permission to do any repairs or improvements.
Another major advantage to buying a home over renting is that you no longer have to deal with annoying landlords. Having the freedom to run your house the way you want it and taking all tasks into your own hands is actually a rewarding responsibility. in other word you no longer have to wait weeks before you have the leak in the bathroom repaired or before you can change the bad internet provider you have.
During the years your home value increases. Of course, this depends on the neighborhood but usually many homeowners make their homes more and more profitable throughout the years. So you are actually able to gain a considerable profit when you own a premise because you can sell it when the market prices go higher. In case you are renting, you can hardly make a profit, as you do not own the relevant property.
What is even more important to be mentioned here is the general fact that all the mortgage payments are highly likely to end one day. And you will actually own a property that will stay for the generations to come. This way you more or less secure your children's future. When renting an apartment, the contributions and payments keep coming. They never end and at the end you have nothing left behind your back.
And finally I want to bring up the emotional satisfaction. Homeowners' are really satisfied with their decision to buy. Having your own piece of land on your own name is probably the best investment ever. Especially for first time homeowners this is really in force. People who rent might experience some considerable emotional relief and satisfaction but never as much as owners do. And believe me the satisfaction of owning a home makes you more confident and happier person.
So if you want to make an investment for a lifetime and have the freedom to do as you please where you live you should definitely choose to buy a home than to rent one. Moreover, you do not have to worry what if one day your landlord just come and kick you out of your home for whatever reason. This way you give to you and your family a sense of community, stability, and security.