Renting makes sense for some people and some situations. For example, renting is a great option if you are relocating and want to scout out desirable areas to live in before you settle into a neighborhood. While renting can be the smartest option for some circumstances, there are many reasons to consider buying a home. Here are a few benefits to homebuying to reflect on.
You Rent Will Not Increase Every Year
One of the biggest advantages of owning a home is not having to worry about your rent increasing year after year. When you rent, you are at the mercy of what your landlord deems is a fair rental price, and that price usually increases every single year. When you have a fixed rate mortgage, however, you secure a set monthly mortgage payment. This way you can confidently save money and plan for the future without having to fear sudden and burdensome rent increases.
You Can Save Money
That’s right! Most people find that a mortgage is cheaper than what they were paying in rent. This means that you can focus on building your savings instead of throwing money into the wind. On top of a lower monthly payment, you have the freedom to make any changes that you want to your home. Something that you cannot do with a rental property. Which means that you do not have to settle for inefficient air conditioners, heaters, and windows. You can upgrade all of these things in your home with more energy efficient options. This in turn, will lead to lower energy bills for you. Even more savings.
You Can Make It Your Own
As we touched on in the last point, if you want to make upgrades to your home, you can! Or you can just beautify your home in any way that you want. You may have been afraid to paint or install wainscotting in your last rental for fear of losing your safety deposit or because you simply did not want to spend money improving a place that did not belong to you, but when you own a home, that fear disappears. Things you do to improve the beauty or function of your home will make you happy and it can even add to its value if you ever do decide to sell.
Renting is not always a bad thing, but owning a home has numerous benefits as well. If you are ready to gain security and freedom and maybe even save money along the way, reach out to Ryan DiCharry Homes today!