7 Reasons That Most People Buy Homes & Avoid Renting
When you’re early in your working career, the idea of buying your own home can seem like an impossible goal to achieve. For some people, they give up on this goal and settle for renting spaces for the rest of their lives. While renting still provides you with shelter and safety, there are many benefits to buying a home that make it worthwhile to put forth the effort to save enough money to make buying a home a possibility.
1. Buying A Home Builds Personal Wealth
When it comes to buying vs. renting, one of the major drawbacks of renting is that you can’t build any wealth by renting someone else’s property. In fact, all you’re doing is helping to build the wealth of the person you’re renting from. If you buy a home, though, you have the opportunity to build your wealth as your home increases in value based on the current market conditions. If you don’t want to get wrapped up in the stock market, buying a home is a low-risk way to build wealth.
2. Your Money Stays With You
After you make your rent payment every month, you’ll never see that money again. Although you have gained shelter for another month, that’s all that you earn when you’re renting. That’s why you should buy a home versus rent because when you make a mortgage payment, some of that money stays with you as you get one step closer to paying off your home. Once your home is completely paid for, you’ll be able to recoup the money you paid toward the loan principal by selling your home and putting it toward a new home.
3. Your Home Is Yours
When you rent, your home belongs to someone else. Therefore, they get to set the rules when it comes to what changes you can and can’t make. When you buy a home, though, it is yours to do with as you please. You can change the landscaping, knock down walls, replace the flooring, whatever you want to do as long as you can afford to do it. This freedom is the aspect of buying vs. renting that many people appreciate the most.
4. You Finally Get Some Privacy
If you rent an apartment, the amount of privacy you get is about as much privacy you get in a college dorm room. Unless the walls are well-built, you’ll likely hear more than a few of your neighbors’ conversations, plus you may even get to hear them snoring from time-to-time. Add to that the smells from other people’s cooking and the awkward stares you get every time you enter and exit your apartment, it quickly becomes clear why you should buy a home versus rent.
5. You Can Finally Make Some Noise
Screaming kids, banging hammers, and resounding instruments – although these sounds may be a normal part of your daily routine, you have to learn how to stifle these noises if you rent an apartment. After all, just as you don’t want others to be bad neighbors by making too much noise, you don’t want to be the bad neighbor who makes too much noise. If you own your own standalone home, though, you can make all the noise you want without having to worry about a neighbor calling the landlord.
6. No Wait For Maintenance
Some people find renting attractive because they’re not responsible for the costs of maintenance and repairs. However, if you have a lackluster landlord, you may find yourself wishing that you could pay for these services so that they would be completed on your schedule. When you own a home, you get to decide when and how your home is maintained. Though you do have the added cost of maintenance, you can use better-quality parts that last longer so that you don’t have to perform maintenance as often.
7. You Can Stretch Out
In most cases, when people move from renting to buying, they move into a larger space. This increase in space includes both interior and exterior space, since moving into a standalone house usually brings with it a yard, as well. This means that you’ll have more room to play, relax, store your belongings, and just generally enjoy life. Plus, as you build equity in your home, you can gain buying power to buy an even larger home to give you even more space.
Speaking of stretching out, are you in a home that’s just not fit for your needs and trying to get an offer on it so that you can move? Or, do you have an offer on your current home but can’t find a new Polk County home that meets your needs?
If either of these scenarios applies to you, MEGG Homes is here for you. MEGG Homes buys homes directly from the owners all across Polk County. Plus, we have a large inventory of beautifully updated and renovated homes for sale. You can browse through our inventory and request an offer on your home, today.