3 Reasons to Buy instead of Rent a Home

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Buying a home can feel like a big, scary decision when compared with renting. However, it is crucial to consider the long term financial consequences of renting as well as the benefits of buying a home when weighing both options. This article outlines the 3 major reasons why buying a home may be a better choice for you than renting.

Establish wealth:

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Buying a home is almost always a better long term financial decision then renting. A major reason for this is that owning a home allows your payments to go towards building equity, as opposed to paying rent. Renters receive typically no return on their costs, while a homeowner will receive a large return if they choose to sell their home. Homes also have the possibility to appreciate in value (around 3.5% per year nationally), making them a very good investment. There are also tax breaks available to make owning a home more affordable.

Personalization:

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While renting, you most likely will have to follow a lot of rules about what you can and cannot do with your living space. Painting a room, changing some tile, or even transforming an office into a nursery are all things you will likely not be able to do in a space you are renting. With owning a home comes the freedom to do whatever you want to personalize and make your home perfect for your lifestyle and preferences.

Privacy and Autonomy:

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Owning a home comes with much more privacy autonomy then renting. No more sharing a wall with a loud neighbor, and the ability to do whatever you want in the privacy of your own home are major pros to homeownership.