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.
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