7 Reasons Why Buying A House Is Better Than Renting A House
If you've come across this article, the chances are that you or someone you know are at the specific crossroad. Knowing that it is a tough decision, and you might already have a lot of information through other people who have rented or bought a house, I'll try to make it easier.
I believe that you should invest in owning a house rather than rent one. Here mentioned below are seven reasons why I think you should do the same.
It is a financial investment:
Buying a house can be a sizable investment in the future. Once you buy a house, the chances are that your property's value will increase, which means that you will get a profit on the amount you paid.
In such a way, you can then invest the money in a better house or even in a business venture.
I started by buying a house in my home town and made a few changes that led to a significant increase in the value of my property, sold the house and moved to a better place. I continued doing this until I was able to buy my dream house.
I’ve always kept my eyes open for a good deal and have recently caught a great bargain Spanish property for sale; let's see where this might take me.
It provides you with a chance to lower living expenses:
Many people ask that people who buy a house also have to pay mortgages, so what isn’t necessarily the difference?
Most people don’t understand that mortgages can be paid off, and once they are, your living expenses are significantly less. Besides that, rent is almost twice as much as a mortgage payment, depending on where you live.
Would you instead end up paying a specific amount for such a long time with no chance or relief or go for another option?
Work on it freely:
Having a home means that you can customize it according to your preferences. If you’re renting out a place, you don’t have much space for creativity, and even if you do want to get a few things changed, you might have to get permission from the landlord.
Owning a home gives you total control of how you want each and everything to be. You don't have to ask for permission and settle for anything less than perfection.
You have greater privacy:
Owning a home gives you a greater sense of privacy. You aren't accountable to others about your doings, and you have enough space that people won't be interfering in your matters.
I have rented my fair share of apartments, and the thin walls give you no privacy at all. At times you feel like you know everything about others’ lives, and they know everything about yours.
If you have your own home, you can earn every month. For example, many homeowners are renting out spare rooms through Airbnb, and apart from that, if they have an extra portion, they rent it out to another family.
This results in a steady and regular income because it is a constant income source, you won't have to save money for mortgage payments as the rent can easily cover. Apart from that, you won't have to stress out if you want to go on a vacation (granted that you've got good tenants).
This way, you'll have extra money to use or save that would have otherwise gone to your mortgage payments.
While socializing is an integral part of wherever you might live, you can do it on your terms if you buy a house.
You can pick a neighborhood that better suits you and interact with the neighbors before making a final decision. Renting does not have the same perks.
And trust me thin walls and loud neighbors aren’t a combination that you’ll like.
It’s a place you can call your own:
Most of all, it is a place you can call your own. You can have an emotional attachment to the place. For some people, including me, the emotional connection is worth it all.
It is a place where you can live without the worry of being asked to vacate or asked to change your way of living due to others.
While buying or renting depends on your condition, buying a house does give you more stability in the long run and frees you from so many different things in the future.
If you have the resources, it is up to you to make a decision that suits your priorities. Know that there are pros and cons to both situations; It depends on what you are willing to take.
So, continue your research, talk to different experts, make a list of pros and cons, and good luck.