If you have been renting for an extended period of time, you may wonder if it is worth it to invest in buying a single-family home. In most cases, the answer is yes-- buying a home almost always has more benefits than renting. It may feel overwhelming to think about buying a single-family home when you have never owned real estate before, but in the long run, it will most likely be a great decision. Some of the top reason to purchase a home instead of renting include:
Historically, real estate has been a sound investment. Home values tend to increase in value year after year, so after you purchase a home it will become more valuable over time. This is the total opposite of renting-- when you rent, you send in your rent check and never gain anything long term. Building equity is one of the best ways to grow your wealth. After you sell a home you can either use the proceeds to purchase a bigger home if you need one for a growing family, or you can downsize and invest your profits. When shopping for single family homes for sale, look for one in a desirable location that will always gain value.
Make Your Own Choices
When you rent, you will have to follow the rules that your landlord has established. These rules usually prohibit painting the walls, changing the flooring, or re-doing the landscaping to suit your lifestyle. Even if you have a lenient landlord, it doesn't make sense to spend money making improvements to a house that you don't own. When you buy a house, you will have the freedom to make it your own. You can make your own choices, and over time a house will become a home that reflects the lifestyle and taste of your family.
Most people finance the purchase of a home by taking out a fixed mortgage. This means that the mortgage payment will remain the same month after month and year after year until the loan off. This is much different than the current rental market, where landlords may increase the monthly rent annually or every other year. Having stable housing costs in the form of a fixed mortgage will make it easier to budget your money, and you will never have to worry about your housing costs rising to beyond an amount you can comfortably afford.