4 Reasons You Should Buy A House Vs. Renting
Purchasing a home is a major investment and its possibly the most significant investment you’ll ever make in your life. Many people consider renting before they consider buying because they feel they won’t need the extra space or believe that renting will be cheaper. In fact, buying a home may end up being the best option for you in terms of customization, comfort, and cost control. If you’re having a difficult time between choosing a place to purchase or rent, here are five reasons purchasing may make sense for you.
Maximize Energy Efficiency
Individuals who rent have very little say over the energy appliances in their living space. People who rent a room in an apartment complex are often subjected to the heating and cooling preferences of their landlord. In many cases, when you rent a place you have little-to-no say over your home’s fixtures (i.e. windows & doors). Couple this with the fact that renting contracts often don’t include utilities, you may end up paying more for utilities than you would in your own home. As a homeowner, you can make much bigger decisions regarding your energy consumption to reduce hydro bills and your carbon footprint. Installing energy-efficient windows and doors, implementing solar panels to your house, or upgrading your roof to a more energy-efficient solution are all options that homeowners have as opposed to tenants that rent.
Personalize Your Living Space
The personalization options homeowners have are endless. People who rent an apartment are typically prohibited from painting their rooms, drilling studs into the walls to hang pictures or mount televisions, and they are obviously not allowed to tear down existing walls to enlarge the living space. When you own your own house you have free reign to do whatever you would like to your living space; after all, ‘home sweet home’ would be meaningless if you weren’t completely satisfied with the design, colour scheme and layout of your residence.
No Rise in Rent
Buyers that are pre-approved for a mortgage are set up the best when it comes to finalizing the purchase for a home, and not just because it saves you time. Mortgages come at a fixed rate, which means, regardless of possible inflation, the price of your mortgage will not suddenly increase. This means that the amount that you’ll pay for your mortgage today will be the same in 15-30 years. When you rent, you are subjected to increased rent; it is within the landlord’s rights to raise the price of rent, which can put some renters in a bind. Fortunately, mortgage payments are quite comparable to monthly rent payments, which makes it even more lucrative to buy a home over renting a place.
A House Is A Major Investment
At the end of the day, owning is a house is an investment in you and your family. A house is an asset, a house is a place where families turn a place made of brick, wood, vinyl, fibre & cement into a home. You will have this property in your family for the rest of yours and your children’s’ lives. Buying a home provides your family with a financial and security asset that they will be appreciative of forever.
For more details about designing and constructing a home, contact DCR Phoenix today!