Why You Should Buy a Home Instead of Rent

One of the best words of advice in real estate is to buy a home instead of renting.  There are many reasons for this because there are significant advantages to owing your own home.  There is a feeling of security that comes from owning your own home that does not come with renting.

The most obvious reason that owning is superior to renting is that it’s an investment.  Paying rent is wasteful in the larger scheme of things.  The money you spend on rent may temporarily put a roof over your head, but it does nothing for you long-term.  Paying a mortgage on the other hand, allows you to invest your money into your home and future.  With every single payment, you own a little bit more of your home.  While you may have to pay more upfront initially with a hefty down payment, eventually the interest will decrease.  Also, rent can fluctuate and increase without a warning whereas fixed-rate home loan payments won’t go up.

Owning a home can help to improve your credit score which will make it easier to qualify for different types of loans.  Many credit card companies favor homeowners over renters as well.

When you own a home, you have the freedom to remodel as well as have children or adopt pets, without having to get a landlord’s approval first.  Owning a home also allows for freedom to make more noise than in a cramped apartment complex.  Transversely, you have more access to peace and quiet.

These are a few of the reasons that it’s a good idea to buy a home instead of continuously rent.  While it may cost more upfront, buying a home is a way to save more money in the long run.