Disclaimer: This Was Written In Collaboration With/By Redfin. Please See Their Website For More Information.
Renting is a popular choice for many people. It gives them the flexibility to move when they need to without having to worry about selling their house or investing in real estate. And, while I admit that there is some freedom associated with renting, there’s nothing quite like buying our own home. There are many people who find themselves stuck in an endless cycle, unable to both pay rent and save for a mortgage. Others are burdened with poor living conditions, horrible landlords, and the inability to make their house a real home.
While my husband and I were lucky to have an amazing landlord in our last few years of renting, we wanted to finally lay down some roots. Ones which were more permanent than the previous five years of our life. We both wanted animals, to paint our walls and, best of all, to continue to build on that for years to come.
If you’ve been asking yourself, “should I rent or buy a house”, here are just a few reasons why buying a house might be your best option.
There is so much to think about when moving to your own home! Check out this post for a full list of what to expect!
Five benefits of buying your own home.
Buying your own home is the cheaper option.
Buying a house is usually considered to be more expensive than renting. This can be due to many reasons, such as the high upfront costs, however, you may be surprised to know that buying a house can actually be cheaper than renting.
One of the most important factors is how long you plan to stay in the house. If you plan on staying for a few years, then it might be better to buy because you will get a larger return on your investment. However, if you plan on staying for just a few months, then it might be better to rent because your monthly payment will be less.
Another reason why buying a home may be cheaper than renting is due to the fact that you are more likely to have one steady monthly payment. Of course, this can fluctuate but only slightly, and often you have some control over how much you are choosing to pay monthly. This agreement, even with fluctuating payments, usually lasts for anywhere up to forty-five years and gradually reduces as you pay.
Rent, on the other hand, the cost of rent can quickly change in a matter of days and is at the discretion of your landlord. There is also the possibility that they may choose to sell, and even with the appropriate notice period, this can be stressful in regards to finding new accommodation.
There’s more stability and security.
One of the main privileges of owning a home is that it gives people more security. It’s easier to budget for monthly expenses and plan for the future because you know where your money is going and you don’t have to worry about what your landlord will do with your property.
You have the ability to gain equity.
Equity refers to the amount of your home that you own. Each month, as you pay off your mortgage, part of the payments will go towards paying off interest. The rest will be used on paying off the capital. Therefore, each month, your equity will increase!
The average cost of buying a home is less than the cost of renting an equivalent property and the amount of time it takes to build equity is much shorter which is a no-brainer!
You’re free to create the home YOU want.
Want to paint your living room black? You can do that. Retile the floor with whimsical designs? Provided you have the funds, why not? The possibilities are endless! The more you do, the more it starts feeling like the home you want it to be. And better still, you don’t need approval from a landlord.
However, be aware that there are certain bigger changes that may require planning approval from a local government. You can’t just add on an extra story or conservatory without first asking permission.
Know someone who’s recently moved into a new home? Here are some well-wishes you can write on a housewarming card!
You can begin to set down permanent roots.
There’s nothing to say that you can’t get to know your neighbours or the local community when renting. But when buying your own home, everything feels a little more permanent. Get to know your neighbours, join local community groups or even work within your local area.
But buying your own home can be a difficult process.
I couldn’t end this post without acknowledging how difficult homeownership has become. But I feel like this blog post may not be the right place. Instead, I want to dedicate an entire blog post to the issue. With the cost of living on the rise, buying your own home may be nothing more than a dream, and as a homeowner I know I’m in a privileged position. It’s an important issue to discuss, and rest assured this post has been written the intention to discuss these various issues at a later date.
If you have any thoughts on the issues faced by first-time buyers, then please feel free to express them in the comments.