A lot of the benefits of renting come with the fact that you don’t actually own the property. You likely don’t have to do maintenance, you have more flexibility with when you move, and things of this nature.
That said, renting also means that you’re spending money every month that you’re not getting anything for, other than a place to stay for that month. This pushes a lot of people towards buying because then they at least know that their monthly payments are slowly paying off the home. What are some other benefits of buying over renting?
You can customize the home the way you want
Landlords will certainly let you decorate and some may even let you paint, but you can’t usually do much beyond that. When you buy a home, then you have full say over the decisions and you can customize the house to make it exactly the way that you want it to be.
You can always sell the home to recoup your money
If you want to get back the money that you spent in mortgage payments, you can always sell your house. Recently, home prices have simply been climbing. This means that most people have homes that are worth more than they paid, so you may even make money on the deal.
Mortgages are often cheaper than rent
Unless you’re living with a lot of roommates, it’s probably cheaper to have a mortgage than to pay rent. This is because landlords are usually paying the mortgages, so they make sure to charge more for rent, both to cover that mortgage payment and to make income. If you’re not trying to make an income, your payments are going to drop.
You’re looking into buying a house, be sure you know what steps to take to protect your interests.