Many people might argue that buying a home is overrated, but there are ample reasons as to why it is still a better choice to buy a home than to rent one.
With the property markets looking the way they are now, there has never been a better time to be a home buyer!
Sure, it can be intimidating (or even scary) to purchase a home, but that shouldn’t stop you. Take a chance, and who knows? You might end up with your dream home before you realize it!
If you haven’t given it much thought, here are a few excellent reasons to stop renting and start buying:
#1 — Start building that home equity!
Just imagine the amount of home equity you can build over a 5, 10 or even 20-year period!
Equity is the difference between the current value of your house and how much you still owe on it.
And equity builds up when you pay off your bond and the value of your house starts appreciating.
This is something that you cannot achieve when renting, mainly because you do not own the house! So, you aren’t in a position to invest in your home, nor see your investment grow.
#2 — Finally stop throwing away your money on rent!
Every time you make your rental payment, you are contributing to the equity of the landlord.
You don’t get to see where your money goes and when you move, you have nothing to show for.
Rather than paying off someone else’s mortgage, put that money towards your own home!
Raise your credit score to qualify for a mortgage and make a deposit on a house that you can live in, invest in and call your very own.
#3 — Start getting pre-qualified!
If you have enough money to afford rent, saved some money for a deposit and build up some credit history, then you probably can tackle monthly instalments of a bond.
Pair that with a good credit score and there is no reason for you to continue to throw away your money by renting!
Buying a house is not as complicated as you might think it is!
Plus, you will very likely have a real estate agent to guide you through the process and explain everything along the way to you.
Apply for a mortgage as soon as possible so that you are one step closer to owning your own home!
#4 — Stop dealing with bad landlords all the time!
You might like your rental unit, but do you like the person who owns it?
Tenants and landlords often have somewhat strenuous relationships: landlords often disrespect the privacy of their tenants and many complaints have been received of landlords simply pitching up to the rental completely unannounced.
Tenants also complain that landlords don’t like making repairs (and if they do, it takes forever) and that they have to do the fixing out of their own pocket.
As a renter, all of this can get to be quite frustrating, which isn’t something you need to worry about as a homeowner!
#5 — Start entertaining your own decorating ideas!
When you rent a house, it might feel like your home, but in reality, it’s not:
- You don’t have any say regarding the structure or the interior.
- The landlord is the only person who can decide what needs to be done inside the home.
- Many landlords limit the number of holes that you can make in the walls or what color you can paint the bedroom.
- However, if you buy a house, you will be in a position to do with it whatever you want.
If you are considering buying a house, don’t let it remain a dream: make it a plan today!
There are many other reasons to break the chains of renting and start living in your own home.
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