7 Reasons You Should Stop Renting & Buy A Home

At one point in time, each of us ponders if owning a home is really more beneficial than renting.

When you look at the facts in the vast majority of scenarios, it is a much more prudent idea to opt for homeownership if the option is available.

7 Best Benefits Of Buying A Home Instead Of Renting

It was a little difficult to narrow down all of the benefits of owning a home to a mere seven, but I wasn’t quite ready to publish a book here. These are the most important benefits associated with homeownership, especially when compared to renting your dwelling.

Total Control Over Your Home

When you own your space, there is no need to worry about what you do with it. When you are renting, you will typically have certain rules that you must abide by that are stipulated in the lease terms. As a homeowner,  nothing is off-limits; anything from an additional room to minor kitchen remodels are possible.

Optimize Your Home’s Energy Bill

This goes hand-in-hand with the complete control that homeowners have over their living space. You can do multiple upgrades to your home, not simply upgrades limited to its aesthetics.

One of the most beneficial upgrades that a homeowner can undertake is to improve energy efficiency in the home.  Updating insulation, replacing old windows will all help to lower your monthly utility bills and save you significantly on your monthly expenses.  

Increase Your Sense Of Financial Responsibility

As a homeowner, you will have a whole host of financial responsibilities that will be coming your way. When you are renting, it is easier to let things be taken care of by your landlord. When you own the home, you will need to budget for the maintenance and mortgage of your home, which will foster a growing sense of financial responsibility.

Opens Up The Opportunity For Additional Revenue Streams

When you own your own property, there are many things that you can do with it to generate new income that you could not do if you were renting it. Even something as simple as renting out one of the rooms in your home could increase your yearly income by thousands.

This is only possible if you are the owner of your home.

You Do Not Need To Worry About Dealing With A Landlord Again

As a homeowner, there will never be another phone call that you need to make with a landlord. Sure, there is always the chance that you will get lucky and have a good landlord, but there are just as many stories that you can find about people having horrible experiences.

When you own your own home, you will avoid this process entirely, and it will be one less thing you have to worry about. There is no landlord to control or regulate your lifestyle when you’re the owner of the home. This itself will give you a much greater sense of security then renting a place ever could.

Your Mortgage Will Not Increase Each Year

When renting an apartment every time your lease expires, you will have to renew it, or you will need to move. If you have been renting an apartment for very long time, you have likely noticed the creeping costs of your monthly rent.

Each year when you have to renew your lease, it seems like the monthly cost of your rent increases, and that is because it does. When you are a homeowner and you have a mortgage, the only time your payment will increase is if your property insurance or taxes increase.

The mortgage (principal and interest payments) that you get on the day that you buy your home will be the same payment that you are paying on the day that you finish paying it off entirely.

You Can Build Equity And Boost Your Net Worth

One seldom talked about benefit that truly makes the biggest impact on your long-term financial future associated with homeownership is the ability to build your equity. When you are paying rent each month, that money is essentially paid to to your landlord to either pay towards their mortgage or towards a large company’s profitability. 

When you pay your mortgage, you are paying off the debt, and you still own the asset. In fact, if you have it in your budget to make one extra mortgage payment per quarter (or four extra payments per year), you would eliminate 11 years off of your mortgage and save thousands on interest. Equity is the amount that the asset is worth over what you owe on it. Each month that you make your mortgage payment, your equity will grow, which will help boost your net worth and wealth significantly over time.

Final Thoughts Regarding Home Ownership Over Renting

Owning a home comes with many benefits but also with many responsibilities.  Understanding the pro’s and con’s are important in your decision-making process.  

Most of the time it is more than worth the extra responsibility but you should ensure that you have the financial fitness to pay a mortgage on time each month responsibly.

Homes for sale in Phoenix and Scottsdale

Are you currently renting and ready to reach your goal of becoming a homeowner? First, take a look at some of the homes for sale in the area. Then, give me a call at 602-330-6813 and let’s discuss your current situation and see what steps need to be taken to make you a homeowner!