Although it may feel like the ability to buy a home is becoming harder to achieve these days, that’s not the case! Nearly 70% of Americans own a home in their lifetime, which means that there’s a chance the opportunity may come up for you. If you’re not sure this is what you want for your life, or if you enjoy renting, here are some reasons you should give homeownership a chance!
A Sense of Security
Owning a home means that you don’t have to worry about inspections, which lets you have your own house. Renters have to worry about two checks a year, bug spraying, and almost a dozen other reasons people will come into your home on a short warning. Some people may not mind this, but you have to admit that it’s nice to live somewhere you don’t have to worry about strangers walking into with property owners’ permission.
Secure Family Memories
Owning a home can ensure that the memories your family makes will stay there for years to come. You can raise your children in a home and feel secure knowing they’ll be able to visit while they’re in college and still feel like it’s the same room where they grew up. There’s no room for this kind of nostalgia anymore, which means you can build something unique.
Instead of Paying Rent, You Own
If you’re juggling an internal struggle like “Should I rent or buy a house?” you’re not alone! Most people aren’t sure what to do and could make no decision and sit still. The good thing about buying a house is although you’re making monthly payments. At the same time, you are putting those towards your future. In rent, that money vanishes; you get to see your money go towards finalizing your buy-in buying a home.
Financial Help if You Move
If you need to pick up and move, there’s no money from your apartment that you can use to start renting a different apartment. Owning a home can mean that you can sell the moment you need to move and put that money towards something you want. However, much you put into the property is how much you can take out, depending on the market. This plan isn’t an option when it comes to renting! The moment you pay rent, your money is gone.
You Could Rent It Out If You Move
If you move and don’t want to sell your first home, you can rent it out. This idea is extra work and could be a massive learning curve for some people, but it’s a good idea of passive income. Renting out to other people can help cover your mortgage on this home and the next one.
Freedom to Change What You Want
Your home can be whatever you want it to be! If you’re going to paint every room bright green, you can! If you’re going to take out a wall to make your kitchen larger- it’s an option! Your financials and personal taste are the only limits on your home.