Arguably, one of the biggest lifelong dreams for some people is to have a home that they can finally call their own. When you own a house, it’s a status symbol that you’ve done the hard work, and this is the outcome.
Owning a house with a car is a dream that most people are willing to grind for. However, most people often juggle the thought of choosing between buying or renting their house. Some say, renting is more beneficial than buying your property. Buying has a lot of advantages over renting that can certainly win over those who are choosing between renting or buying.
For one, buying and owning your property ultimately provides more savings in the long run. Here are some more reasons why people should opt for purchasing their property:
Freedom to do anything
Once you have your very own house, you can do anything to it. Do you want to add another set of cabinets in your kitchen? How about re-painting the garage doors? Granted that you aren’t violating any city ordinance, you can even improve your house by building a second floor.
Freedom doesn’t only come with changing the ins and outs of your home. Those who live in residential zones that allow limited business or commercial conversions can freely convert their homes into offices or clinics.
Credit Score Relevance
People often use mortgage loans when buying a house. However, you can’t get a mortgage loan if you don’t have a good credit score. Lenders often rely on Credit Score Trends, credit scores, and other relevant documentation to approve or reject loan applications.
For those who are renting, there might be instances where they can miss payments and other bills. When they don’t pay their bills on time, these mishaps often appear on their credit reports. A delinquent or erratic behavior when paying these bills is often a red flag for lenders.
Make a profit out of it
As mentioned earlier, you can convert your home for commercial uses. That way, you can earn money doing your profession while still having to live in the comfort of your home. Another business you can do in your house is to be able to rent it to others. If you’re one of the lucky few who own two or more homes, you can quickly turn those houses into rentable units.
Renters who’ll come and live in your units will have to pay rent, and that translates to income. People who rent also have to abide by strict stipulations in their contract. Paying rent on time, one-month advance-two months deposit scheme, not modifying anything, etc. are all critical clauses in contracts which renters should abide.
You can also raise your rent, granted that it’s justifiable. Renting a property doesn’t give you these benefits, as compared to actually owning the unit. As a landlord, you can even sell your property.
More Savings
Although those who prefer renting swear that they can save a lot, it’s the buyers who ultimately end up saving a lot more. For some, homeowners who are putting money in their homes through mortgage are actually saving money and increasing the property’s value.
“Forced savings” might not sound good, but putting money towards your home instead of splurging is a good choice all the way. If you’re done paying off your mortgage, then it’s a sign of your excellent hard work. Instead of paying monthly dues as renters do, you get to enjoy your home in all its glory.
As you no longer owe any lender money, you can do anything with your house. You can even walk away with profit if you decide to sell your property.
Allows you to add greener options
When you own a home, you can quickly help conservation and environmental efforts by opting for greener alternatives. Renters can also help by unplugging their appliances, not wasting water, etc. Homeowners can help with much more significant impacts.
Having an alternative power source helps a lot of homeowners by saving up on bills. These green alternatives also increase the value of the house, should homeowners plan to sell their property.
Takeaway
Buying a property instead of renting, can help you save more in the long run. With renting, you have to pay monthly dues and existing fees for amenities and other expenses. With owning a house, you’re free to do anything with your property.
When you finally own a home, and you’re done paying the mortgage, it’s a sign of your excellent hard work and more good things to come.
