MORTGAGE Blog & ARTICLES
Advantages of Choosing to Buy a Home than to Rent
Should you buy or rent a home? One of the typical questions that would come up to anyone’s mind whenever they are looking for a new place that they can call a home. Most of the time, people already have a decision before they can even try searching. But if you are one of those who still don’t have the final decision, making the right would be a tough one.
There are always those positives and of course negatives. But because people are too afraid of having mortgages, the following are some highlights on the main benefits of purchasing a home instead of just renting.
You are Building Equity
To make monthly payments on paying off the mortgage of another person is one of the reasons why people choose buying than renting. For the first few years, you may pay down the interest but as time passes by your payments will then reduce the principal that you have. If ever your home will be increasing its value while you are paying, you are already building your equity even more.
Renovate and Design as You Want
Unlike renting, buying will allow you to design your home no matter how you like. When renting, you must always ask the permission of your landlord before you can make changes with any part of the property. When you buy a home, you get to alter anything you want and even conduct renovations from small to large ones. You get to change the colors of different rooms in your home or even reconstruct other parts just like how you want.
Security and Stability
When you buy a home and already live there for a long time, you get the sense of security and stability for your kids and grandkids and even other members of your immediate family. It could act as the home base for any get-togethers and a place where fun family memories can be done. Another plus for this is that you get the financial security that you need in life and you already own the property completely.
Stability on the Payment
As you rent, you may have experienced your landlord increasing the fees whenever they want. But when you choose to get a mortgage for your home, you are able to get a fixed rate to pay and make all your payments as stable as possible.
Having a Sense of Community
As opposed to choosing a rent, there will be a higher chance when you can have an interest with being an active member of the community. You would feel that you are a part of the neighborhood and will have a closer relationship with homeowners. As a part of the homeowners, you get to work with your neighbors in keeping crime out of your community and make sure that all properties are always looking at its best. Knowing that the home belongs to you, you can easily feel the community pride.
These are just few of the reasons why many people decide on buying their homes instead of renting one.
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