5 Reasons to Buy Your Home Rather than Rent

Buying your home can be a daunting thought and of course, a lot of responsibility. However, there are many benefits to owning your own home rather than renting one from someone else. Among them is the pride you will feel when you can say you purchased your first home! Join us as we take you through 5 reasons buying a home is more beneficial than renting.

Building Equity: The first and possibly most beneficial reason to purchase your home is that you will build equity. You may be asking yourself “what is equity?”. Equity is the difference between the amount of your mortgage you still owe and the value of your home. For example, if your home is worth $500,000 and you have $350,000 left to pay on your mortgage, you have $150,000 in home equity. This also means that every time you pay for your monthly mortgage, your equity is increasing while your debt decreases.

Your home equity can also increase as the value of your home increases, whether through updating features in your home or increases in the housing market.

It’s Yours: Another huge benefit of owning your own home is just that, it’s yours! You can truly make it your own. If you want to put up shelving, renovate a space, or get a pet, you have the freedom to do so without needing to ask permission from the landlord. This can also go back to increasing your equity, as renovations usually increase the value of your home.

Look Forward to The Future: When you own your home, you can look forward to the days where you’ll have the house paid off and live debt free! This can create a drastic decrease in your overall living expenses, and throughout the term of your mortgage you will know you’re working towards that goal, rather than paying someone else to rent a space.

Opportunity for Passive Income: A great way to create a source of passive income is renting your home out to others. Whether you live in the home and have a basement suite, an extra bedroom to spare, or are using it solely as an income property, in most cases you will cover your expenses and then some. This can give you a bit (or a lot) of extra money in your pocket all while paying the mortgage down and increasing your equity.

Stability: Finally, our last reason to buy rather than rent is the stability you will feel in owning your home. Your payments will be predictable for the most part and you won’t need to worry about a sudden jolt in your living arrangements if your landlord decides to sell the home you’ve been renting, You can rest assured that the home is yours and in your control, and you can look forward to building a life there.

Buying your home is a great goal to achieve and one to be proud of! If you’re working on your journey to owning your very own home, let us help you. Reach out to us to see how you can get your home buying journey started. We’re more than happy to be of assistance!