Reasons to consider buying a home rather than going on rent
Tuesday May 12th, 2020Share
Do you think that it's about time you own a home for your family and yourself? Done with living on rent. To do that, first, you need to know that when is the high time to make the decision. Although living on rent offers much flexibility; like you can move easily whenever and wherever you want. and you do not have to carry a mortgage for a long time to have a place to live in but in the long run, there is no ideal substitute for homeownership.
So if you have made a final decision to buy home. Here is what you need to know firsthand: Probably, buying a home for the first time needs lots of research, but once you have joined the home buying process, you will really enjoy the journey – if not overwhelmed.
Here is a list of reasons for when and why you should consider buying a home for the first time and stop renting:
You don’t get value for money:
Irrespective of all its advantages, its true that in the bigger picture rent doesn’t provide value for money. Rather than paying a significant amount of money to respective landlords, it would be best if the money is invested on their own property or homeownership. And once you own a home, you can have massive savings for your future.
The rent keeps on increasing:
Budget calculations go off track for people living on rent as the landlord reserves the right to increase rental prices on an annual basis. Certainly, it becomes harder to manage finances because of the constant increase when the surge is not reciprocated with income. To get rid of this stress, one should get into the home buying process to have a stress-free life. You may apply for a loan and can buy home easily. The loan payment is constant and doesn’t increase with time. In this way, you can get your homeownership without getting frustrated because of growing finances.
Mortgage rates are low these days:
It’s a fact that this is an ideal time to buy a new home as mortgage rates are extraordinarily low. Low prices would help the potential customer to qualify for a home loan easily, and you can get a big home within a standard amount.
Suffering bad landlord’s moods:
This can also be on the list for considering your own home. You never get to know about the landlords before living with them. Sometimes your landlords bother so much that you want to leave the place right away no matter how much you love the residence. Good peace of mind matters for many. A homeowner is not at the mercy of anyone’s mood swings.
Live in your dream neighborhood:
Living in a better neighborhood may be a good reason to think of homeownership. There are different dimensions of this particular fact, some people want to live in specific areas because of better schooling and medical facilities, others may find leisure opportunities around to be the key factor behind living.
You have enough financial stability:
Financial stability gives you every potential to buy a home. You can bear unexpected or emergency funds and can pay for the repairs as a homeowner. When you are buying a home for the first time, you have to have enough money in your pocket for unexpected funds, and when you are stable enough, you just start to think about it, so this factor is also considered that financial stability also leads to homeownership.
You have started a family:
When you have just got married, and the place you lived becomes smaller for your family, you begin to think about buying a new home. You and your partner can jointly own a house by applying for a home loan together. Your unique and big home can give a chance to expand, such as providing separate bedrooms and bathrooms to your kids, making life more comfortable and stress-free.
It’s just not a snap judgment, going from a renter to a homeowner. It needs a lot of planning and research. Those who are unprepared should first consider all the steps to buying a house for the first time and then proceed with the home buying process. Don’t make mistakes in finances and hopefully, you find homeownership better than living on rent.
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