Why Owning a House is Better than Renting?
There are definitely times in life when renting makes sense, but the advantages and benefits of owning a home far outweigh renting. There are five primary advantages to owning a home. Here are a few reasons why we think owning a home is better than renting.
Owning a house is Dream Come true
Firstly owning a house is a dream come true for many people, especially middle-class people. For them having their own house means worry-free living with comforts unlimited. Many people have identified that at 30 to 40% more than the rent that they pay every month after month, they can buy their house and pay the mortgage instead. Living in one’s own house is a prestigious issue for many people and they feel very proud about it. Although buying a house is more expensive in the beginning, it will turn out to be cheaper than renting in the long term if one understands the calculation and compare the total costs of ownership of house including maintenance, taxes, and insurance to the total costs of renting for the same period of time.
The freedom to remodel the house the way you want
When you own a home you are in control! Paint, decorate, landscape, entertain when you want, get that dog you always wanted. Build a fire pit in the backyard, plant some trees- mow the lawn! Do whatever you want because you own it, not the landlord.
You develop a belonging to your neighborhood
Buying a home is a big step in settling down and putting down roots in a neighborhood. Homeowners gain a sense of stability when they settle into a certain neighborhood. Moreover, homeowners move less frequently than renters and stay in their homes for longer periods of time. For most people, becoming a homeowner in a neighborhood means that they care more about local events and local news, leading them to feel more connected with the rest of the community. For those looking for stability and a neighborly ambiance, homeownership might offer them what they’re looking for. If one is constantly moving from one rented house to another, he may not get to know his neighbors properly besides the usual small talk one makes in passing. Whereas homeowners stay in their homes for longer periods of time, they are more likely to form relationships with their neighbors and hence they are attached to the neighborhood.
Own house can be passed on to the children or the grandchildren
If a person has his own house and is financially successful, he can have a preference on the school their children go to, their educational opportunities, their higher education prospects, their career choices, and their ability to grow wealth as adults. Many people who pay rent will agree that homeownership provides children with benefits that they can’t gain from renting. A home is something that can be passed on to their children. If parents invest in their homes and build their net worth, it can greatly affect the outcome of their children’s lives.
A house owner will have better health
The people who pay rent month after month, especially the middle-class people feel they are under pressure. For anyone month if they have some other extra expenses to make, they feel worried about which one to spend their income on. This adds to their mental tension most of the time. This may not be the case with most homeowners. Moreover, there could be some negligent landlords who may not repair leaky roofs and other safety hazards. This could lead to the people on rent having some health issues due to dampness and other toxic substances in their house. Whereas, homeowners have more control over the maintenance of their living space and are more likely to fix a problem that can be dangerous.