The housing market has brought a lot of people out of the world of renting and turning them into homeowners.There are some things that will clearly show you that it’s cheaper to own your own place instead of renting. Many people have found that buying was better than renting since the money that was going towards rent could have been used to pay a mortgage with it. Having a home just like having an apartment is actually a big responsibility. Yet having a house means you are responsible for all maintenance and upkeep and other expenses. Whereas renting you are relying on your landlord or management company to handle those details. You want to really do a lot of research when you are considering the purchase of your home because that’s where you will be living until the home is paid off.
There are six logical reasons to why it’s better to own than to rent and you might find that it’s better having a house than an apartment. Here are the six reasons to why it’s better to buy than renting a place:
1. Upfront costs are minimized-That all is minimized when you put down money on a home and you paid out any and all fees involved when you’re closing on a home. This is why proper research and planning makes home buying pretty easy to understand.
2. Property maintenance and upkeep-You will have to endure cost of this, but when you’re the one paying for it you will have it done the right way and exactly how you want it. When you have the upkeep and maintenance done by a landlord or management company sometimes the work can be of poor quality and results in increased rent to cover the costs of those things. This is why you should take the money you’re paying out in rent and apply that money towards a home.
3. Landscaping and seasonal upkeep-This is a given when you have your own home you will have grass to cut, snow to shovel, leaves to rake, and decorating. It’s not a bad thing because when you’re renting you’re relying on someone else to do those things and sometimes it may not get done because you have some landlords and management companies who are careless and are only interested in taking the rent money and that’s it knowing they have landscaping and seasonal upkeeping of their property.
4. Utlity and energy costs-One of the beautiful things about having your own home is that you can do whatever you want to it and dont have to get permission or having intrusive service people in your apartment doing upgrades. You can deal with who comes in your home to make any adjustments or upgrades on your time. You can also decide on service(s) that are used in your home versus one that’s decided on by the landlord or management company.
5. Insurance cost-You can get good insurance through your respective carrier because many companies offer bundles where you can bring your auto, home, and other kinds of insurance together to get a cheaper rate. It’s not that hard to do and your insurance adjuster can explain all that to you when you mention that you’re in the process of buying a home.
6. Amenities-This is something people pay a premium for when they rent because your rent will be more if you get a place that has a washer/dryer in the unit or even apartments that includes a den. Whereas having a house you have the freedom of having a washer and dryer since you have the connectors already in place it’s just getting the appliances which shouldnt cost much if you know where to buy them and where you can get them on sale. This also includes gym equipment because if you rent an apartment that comes with the use of a workout room that increases your rent since part of that goes to maintaining the facilities and paying the staff as well.
7.Moving costs are less if you buy-You don’t have to pay out a lot in moving costs if you get a budget together and estimate how much you’re going to spend in moving costs and figure that into your moving budget. You can even use your security deposit from your apartment to put towards moving costs and any other moving-related costs.
8. Less intrusion when you buy a home-You don’t have to deal with pesky neighbors when you buy and you also don’t have to deal with things that come with renting like pest problems which is one of the main reasons for why many have made the transition to own instead of renting. Who wants to live in a building where the neighbors are on top, side, and below you and you’re dealing with elements that are not condusive to your unique living style. When you buy you have less to think about in terms of having housing associations meddling (only applies if you live in a housing community).
9. Property taxes-Taxes are a part of life when you own a home, but this is something you will have to be concerned with when you rent because again your living space is being maintained by someone else. You have people who have been displaced from their apartments despite having paid their rent on time and been good tenants they were unaware that the landlord or maintenance company had not been paying their mortgage or the taxes on the property. When you own your own home you can see the tax bill and you know when it’s due for payment and you can keep track of what you’re paying out.
10. Assessments-This only applies to those who are buying condos and you need to keep in mind that you have these maintenance fees that can equal someone’s rent to take care of landscaping and any maintenance work in the building. When you own a home you don’t have to deal with asessments and housing associations (unless you live in a privately owned and maintained housing community). If you’re paying for a condo the assessments are separate fees established by the housing association to pay for the maintenance and upkeep of the building where your unit is. When you own your own home separate from that you don’t have to deal with housing and tenant associations you call the shots on what goes on in your home.
These are the ten reasons why it’s better to buy instead of renting because you want to be able to live without a lot of interference that renting often brings. You also want to be able to do what you want in your house without having to get permission from landlords, management companies, or housing associations. This will give you something to think about if you’re in the market for a home and you have found over time that you rent has been getting steadily higher due to the increased cost of maintaining property. Some have dealt with negligent landlords and management companies that also have not been taking care of their buisness well by not paying their bills such as the taxes and mortgage if the property is still being paid for that tenant rent is covering.
If you’re in the market for a home do a lot of research and talk to different people to get their opinions and point of view as to begin the process of looking for a home. Proper research will yield you better results in trying to find that perfect home and you want to interview real estate agents. This is to know who and who you don’t want to work with because a home is an investment. You the buyer wants to spend your good money on what is going to be a big part of your life for many years to come.