What’s your idea of home sweet home? A house in the suburbs? A condo in the city? Or a rental apartment wherever you like may take you?
Your answer to the questions below will help you decide if you’d be a happy homeowner or a contented renter – and what home sweet home might look like for you.
Buying a house is almost always cheaper than renting. In the U.S owning is 35% cheaper than renting after seven years, based on a 30- year mortgage with 20% down.
- Owning your own home gives you the flexibility and freedom to add bedrooms for a growing family. Turn your basement rec room into a home office. It’s your space to do with what you want.
- When you own, your roots are pretty firmly planted. The upside? It will be easier to build a community of friends, neighbors and other familiar faces. The downside? If your job or relationship requires you to move somewhere else, you’ll probably have to sell your house before you can.
- There’s that pesky down payment, which can range from as low as 3% to as much as 20% of the purchase price. And there are other expenses- like closing costs and homeowner’s insurance – as well as unexpected maintenance. But here’s the flip side. When you own, you’re building security and equity, getting a property tax deduction, and in 15 or 20 or 30 years, you may have mo mortgage payment at all!
- Opportunities for improvement projects and just plain old maintenance abound when you own- hardware stores will become your new favorite shopping destination. But nothing beats that feeling of DIY satisfaction. And go ahead- paint that wall purple if you want to!
- You want to build equity with your assets, creating a so-called “forced savings” from your monthly house payments. Instead of spending your paycheck on extra wants, invest your income into a property that will hopefully provide you a payoff should you decide to sell in the future.
These are the 5 Reasons Why You Should Buy a Home Instead of Rent.
