Fewer people own a home today than twenty years ago. More and more are settling on renting and few choose renting over actually buying a home, believing it to be more cost effective. Even preferring the “freedom” that goes along with renting instead of being tied into a mortgage. The truth is that buying a house is a great investment and after years of renting, there is nothing more rewarding than owning your own home. Here are four more reasons to buy a house, instead of continuing to rent.
- More control over your space. Depending on how strict your landlord is, you might not even be able to put nails in the wall to hang pictures. When you rent, having only partial control over your space and not really having much say in your own home’s interior design is just par for the course. It’s not par for the course when you buy a house, however. You can do whatever you want to that house (short of burning it down or violating zoning laws, of course).
- There’s no landlord who controls your contract. Landlords have a lot more power than most of them ever choose to exercise. If you are renting a house that the owner is trying to sell, you can arrive home from work to discover an eviction notice, even if you are current with your rent. Buying your own home offers much more security.
- You don’t have to ask a landlord for anything. Have you ever been scolded by a landlord for fixing a dishwasher? Fixing a split baseboard? Shampooing the carpet? There are plenty of great landlords who will work with you to improve a property and are more than willing to allow you to make whatever improvements or fixes you deem necessary. Some are at least prompt about fixing something when it’s broken. Not all landlords are equal. There are also landlords who will leave you stranded without hot water for a week before they get around to fixing the heater. When you own your own home, you don’t have to ask him for anything.
- Fixed mortgages won’t go up. Most landlords can change the price of rent as inflation increases. Your fixed mortgage rate, however, will never be hiked, even if inflation skyrockets. Mortgage rates might not be as low as they were three years ago, but they are still plenty low, making this a much better option than renting.