The decision of whether to rent or buy a home is very personal and will depend on a lot of unique factors; however, we do think that purchasing a home is one of the smartest investment options available to the regular guy out there who is not a finance guru. Here are three specific advantages to be had from owning your home instead of renting:
#1. Owning a home allows you to save
Since homeowners have to pay their mortgage every month, they are routinely putting money into their house, which they own, instead of wasting it on other things. And once you’ve paid off your mortgage, you’ll have some extra cash which you could choose to save.
#2. No landlord drama
If you’re the homeowner, then you’re in charge. This means you won’t have to walk on eggshells in order to please some landlord, just so you don’t have to worry about renewing your lease at the end of its term. You will also have the freedom to remodel and redecorate the home to match your needs as you wish.
The fact is that buying a home is really buying a lifetime investment. Every time a homeowner makes a home improvement, it increases the value of the home and increases the value of the equity the homeowner has invested into the property. If the individual were just making monthly rent payments then there is nothing to show for the money paid out each month.
To top it off, if you eventually sell your home after the mortgage is paid off, there’s a good chance that you’ll walk away with a good profit.