Buying a Home is Better Than Renting–These Are The Perks of Owning Your Residence
Owning a home is part of the American dream. Unfortunately, not everyone can afford to do so at the moment. Considering things like mortgage payments, property taxes and other maintenance expenses, it’s not surprising that many people are discouraged from being homeowners.
Which is a shame, because buying a house actually brings a lot of huge benefits as proven by the experiences of people who’ve actually made the big decision.
Read on and find out how being a homeowner can benefit you both financially and emotionally.
Build Your Wealth
For Eric Rosenberg, a contributor at Business Insider, buying houses and selling them for a profit was instrumental in him being able to afford his current home in Southern California. And because of this, Rosenberg became convinced that owning a home instead of renting allows a person to have a valuable asset which could grow in value and subsequently help one grow their wealth.
Lower Living Expenses
Once a house’s mortgage has been paid off, buying a home would mean paying fewer expenses as opposed to renting a place over time. This is why Holly Johnson, another Business Insider contributor, and her husband rushed to get their mortgage paid off by the time they’re 40. What more, doing so took a big load off their finances and sanity, Johnson said.
Create Passive Income
Another advantage of buying a home, especially a big one, is that it can, later on, be turned into a means to get passive income. Finance blogger Paula Pant did so by renting out two sections of the Atlanta, Georgia triplex that she and her husband bought for themselves. This allowed them to pay off their house’s mortgage just using the rent payments they get each month from their tenants.
Enjoy More Stability
People who rent properties in cities know the anxiety that comes with the anticipation of rent hikes or the possibility of landlords selling out their apartments. In fact, New York City residents actually face a 3% annual increase in rent as landlords make up for inflation. This said owning a home can alleviate one of this constant worry of having to move and feel more stable staying in one place.
Truly Your Own
Although it may seem trivial for some, having a place that’s truly one’s own is an advantage for people who want to remodel and renovate their residence according to their preferences and needs. Renting a home may limit or simply not give people the ability to do these home improvement projects that would make a place more comfortable or useful to its residents.
More in Loans & Credit
Want to Live Next to Royalty? Here’s the Perfect Opportunity For You to Set Up Home Near Prince William & Kate Middleton
While not everyone can live like or be a member of the royal family, commoners can still have the chance to...August 24, 2019
‘Wolf of Wall Street’ Actress Margot Robbie Just Got a New Office– Here’s an Inside Look at LuckyChap Entertainment’ L.A. Space
People may know Aussie actress Margot Robbie for her onscreen work in various successful movie projects. But behind the scenes, the...August 23, 2019
Here’s Your Inside Look at the ‘Hybrid Properties’ Celebrities Stay in While Shooting Away From Home
You’ve already seen plenty of features about celebrities’ multi-million dollar homes. But chances are high that you haven’t read much about...August 21, 2019
This is The Adorable London Townhouse Where Kate Middleton Lived With Her Sister Pippa Before Marrying Into The Royal Family
It seems like plenty of former ‘royal residences’ are going on the market these past months. After Meghan Markle and her...August 20, 2019
Celebrity Chef Giada de Laurentiis Just Bought a New Home! See Inside Her $4.86 Million Bungalow
Judging from the celebrity real estate transactions that make the news, it seems that the rich and famous really do have...August 19, 2019
Nick Jonas Just Said Goodbye to His Beverly Hills Pad—Here’s How Much He Profited From Its Sale
It seems like singer Nick Jonas is really embracing his new life as a married man. Proof of this is his...August 16, 2019
Kanye West Thinks This Project Would End Homelessness But His Neighbors Are Totally Opposing It– Here’s Why
It’s no secret that rapper Kanye West has done quite a lot of controversial things. Considering his infamous feud with fellow musician Taylor...August 15, 2019
The Incredible Story of How Kevin Hart Went From Simple Comedian to a Proprietor of Comedy
For the longest time, actors and other entertainers worked for the machine that is the entertainment industry as small players. They...August 11, 2019
TV Host & Avid House Flipper Ellen DeGeneres Has Officially Parted With Her Beach Mansion–This Is How Much It Sold For
It’s no secret that comedian and host Ellen DeGeneres is one of Hollywood’s most prominent house flippers. And she proved her...August 11, 2019