Renting vs. Owning Your Own Home
Renting an apartment or home guarantees 100% of the profit goes to the landlord. This fact doesn’t change no matter the economy or area in which you live. Buying a home may not promise total return on investment; however a portion is certainly going toward equity. You are investing in home ownership, which is a rather safe bet especially when looking at long-term history. Most homeowners still gain financially. Owning a home has many advantages not the least of which is applying monthly payments to something of value. Take a look at benefits for a homeowner.
Home ownership provides stability for you and your family. Homeowners are not likely to move as frequently as apartment dwellers. This is important for young families who want their children educated in a particular school district. There is also a sense of permanence for you and your neighbours.
Another advantage is that any money spent on home improvement goes toward your investment. Landscape, deck and fencing all increase the value of the home as well as add a personal touch. Sustainable economy, no rent increases, fixed-rate mortgage and offset expense with tax benefits are all great reasons to own your own home. By carefully choosing your loan package, you can avoid some of the pitfalls that some have experienced. Always choose the payment that you can realistically afford now and be careful of loans that sound too good to be true.
Your home and neighbourhood become your community. Get to know your neighbours and enhance community spirit by living in single family housing. Nearby schools, shopping, churches, and entertainment are just a mention of the good things with owning a home and enjoying a community. School and sports events are more likely to be shared with neighbours.
Other reasons for home ownership versus renting are privacy and adequate space.