For many people, owning a home is the American Dream. But in recent years, that dream has become increasingly out of reach as the cost of buying a home has risen faster than wages. As a result, more and more people are opting to rent instead of buy.
However, there are still plenty of good reasons to buy a home instead of renting. In many cases, it makes financial sense to buy rather than rent. Here are five reasons why you should consider making the leap from renter to homeowner:
1. You’ll save money in the long run:
When you rent, you’re essentially throwing your money away each month with no hope of ever seeing it again. When you own your own home, your monthly mortgage payments go towards building equity in your property. So even though the upfront costs of buying a home may be higher than renting, you’ll save money by owning your own home over time.
2.. You’ll have more space and privacy:
When you live in a rental property, you’re subject to the whims of your landlord—meaning if they decide to sell the property or raise the rent, you could be forced to move with little notice (or end up paying hundreds or even thousands of dollars more each month). When you own your own home, however, you’re in control—giving you the freedom and flexibility to stay put for as long as you’d like (assuming you can afford your monthly mortgage payments).
3.. You can make changes and improvements to your home:
Have some extra cash burning a hole in your pocket? You can use that money to make upgrades and improvements when you own your own home. Not only will these changes make your house a more comfortable and enjoyable place to live, but they could also boost its resale value down the road should you ever decide to sell.
4.. Your home will be an asset you can sell later on:
Unlike a rental property, which will always belong to someone else, when you purchase a house, it becomes yours—and yours alone. That means when it comes time to move on (whether for work or family reasons), selling your home could provide a nice nest egg for whatever comes next—especially if housing prices have gone up in your area during the time you owned it!
5.. You’ll build equity over time:
One of the biggest advantages of owning vs. renting is that each monthly mortgage payment helps increase the equity in your property. If done correctly, owning a house provides a place to call home and a potential source of income when needed!
Deciding to buy a home is a big deal, but we think it’s worth it! If you’re on the fence about whether homeownership is right for you, hopefully, these five reasons make it easier to choose. Mountain Cove Homes would love to help! We specialize in building high-quality homes at exceptional value. Check out our website to learn more!