Last week, I published the post Positives of Renting Your Next Home. It can be hard to decide what you should do, as there are positives and negatives of both renting and buying your next home. While there are many positives of renting your next home, there are also many positives of buying your next home.
Here are positives of buying your next home instead of renting:
Buying may be cheaper if you stay put.
In many areas of the country, buying a home may actually be cheaper. An example would be that in the Midwest, you can buy an average sized house and have a mortgage of around $1,200. However, if you rented that same home, your monthly rent may be around $1,500 or $2,000.
Also, renting an apartment may be around the same price as a monthly mortgage payment on an actual house.
You can do what you want.
If you own your home, then you are usually free to do what you want. You can paint your walls whatever color you want, you can have pets, you can have a garden, you can have the kitchen or backyard of your dreams, you can change whatever you want. The house is yours and you don’t have to ask for permission or pay an extra fee like you would if you were renting a home.
You don’t have to worry about getting kicked out.
I have seen many instances where a landlord will ask the renter to leave (at the end of the contract of course – the contract is not renewed).
Eventually, the home will hopefully be paid off.
Hopefully one day, you will submit your final mortgage payment. Yes, you will still have to pay taxes and insurance (and maybe an HOA fee), but your home will be paid off which will lessen your monthly bills.
What other positives of buying a home can you think of?