Benefits of Homeownership over Renting
To buy or not to buy: that is the question. Whether ‘tis nobler in the mind to suffer the slings and arrows of outrageous rental payments, or to take arms against a sea of debt and by opposing, build up equity for a long-term investment?
It’s the age-old question - renting vs. buying. We’re here to tell you all about the numerous benefits of homeownership rather than a home renter.
Stop Throwing Your Money Away
The biggest downside to renting, especially an apartment, is that it often costs more or is equal to any mortgage payment you would be making if you owned it instead. Now, this often isn’t the case for renting a basement apartment or a room in a house. But if you’ve got a family, renting just a room isn’t feasible. No matter what you’re renting though, it’s always money you’re throwing away while someone else is using it to build equity in a valuable asset.
Complete Control over Your Space
Renters have to put up with a lot. Restrictions on noise, decoration, and pets - just to name a few. When you own a house, you can literally do whatever you want with it. There are no restrictions you have to abide by other than what the city by-laws enforce - and that leaves a lot of room for you to play in.
While the upfront price tag of owning a home is considerably large, the long-term rewards are more than significant. Of course, people who buy with cash see these rewards more readily, but even those who get a mortgage will reap the benefits in due time. Renting your whole life makes it very difficult to build any kind of wealth in anything. Considering how valuable homes are these days, it seems the obvious choice is to aspire to this lofty goal.