Home buying in the past has earned a horrible reputation. It has left many homeowners broke, unable to pay bills and some homeowners are faced with foreclosure. Homeownership rates fell during the recessions and are currently around sixty-six percent. But if your dream is to own a home, you’re in luck. Reports in Trulia say that many parts in our country rent is rising while owning a house is falling. Which makes owning a home affordable. But if you are struggling with whether to buy versus rent, consider these four reasons to take the plunge into homeownership.
1. You can ramp up energy efficiency.
You can add insulation or upgrade air conditioning unit to save money on you monthly utility bill. Homeowners can make bigger changes compared to a renter. You could also add solar panels or install an energy-efficient roof to save money, also.
2. You can customize your space.
You can renovate your own property however you like since you own your house not a landlord. You have freedoms to do whatever you want in your property without worrying about losing your security deposit.
3. Owning a home forces you to save.
Since you pay a monthly mortgage bill, you are in a routine of putting money away for that bill. Keeping you from buying shoes or fancy meals. If you sell your home after mortgage is paid off, there is chance you will have a payoff to walk away with.
4. No landlord can kick you out.
Renters face the unexpected eviction notices from landlords. If their landlord decides one day to sell, rent to another person, or end your lease. You will have more security if you own your own home.
4 Reasons to Buy Instead of Rent. 4 Reasons to Buy Instead of Rent. 4 Reasons to Buy Instead of Rent.