The decision to buy a house or rent one is a difficult decision to make, with a lot of different factors to take into consideration. Will you be able to afford the mortgage vs. rent? Do you have enough money saved up to put down a down payment? And do you want to make the commitment to buying a house?
Despite all these questions, buying a house can offer you significant benefits compared to renting a house. Here are 4 of the top reasons why you should opt for buying a house instead of renting:
1. You Have A Wider Selection Of Houses To Choose From
Typically, there are fewer houses on rent, and you’re more likely to find a portion of a house or an apartment to rent. This can be a problem if you specifically want to live in a house. When it comes to buying, there are plenty of houses for sale to choose from, and you get to be pickier about the house you choose.
2. You Don’t Have To Answer To A Landlord
One of the biggest problems of renting is having to deal with difficult landlords. Landlords can be hard to get a hold of, and if you need any repair work done in your rented house, it may get unnecessarily delayed.
You also must rely on your landlord to allow you to continue living in the rented house. The landlord may refuse to renew your lease or even cause trouble with unexpectedly raised rent. If you buy your house, you don’t have to answer to a landlord.
3. You Can Build Home Equity
With every mortgage payment you make, you get one step closer to owning your own house. A house is a valuable asset and building home equity is a huge benefit of buying a house.
The value of your house will also likely increase over time, which will help you build even more equity in the future. A house is also a great asset to use as collateral if you ever need to take out a large loan.
4. You Can Do As You Please With A House You Own
Finally, another benefit of buying a house is that you can do whatever you please with that house. You can paint the walls any color you want, carry out any kind of renovation, and never have to wait around on a landlord to approve urgent repair work.
You also don’t have to worry about getting your security deposit back if you own the house. When trying to decide whether you should buy a house or rent one, keep these four major benefits of buying a house in mind.