June marks Homeownership Month. It’s a time to highlight efforts to help families achieve affordable and sustainable homeownership. A home is much more than just a couple walls and a roof. There are multiple benefits of owning a house. Understanding those benefits can really help make the decision whether to buy a home easy.
Stable monthly payments
The most popular type of mortgage is a fixed rate mortgage. You won’t need to worry about the changes of monthly rent upon the renewal of a lease. Having that stability can bring great piece of mind and enable you to create a realistic monthly budget.
It’s cheaper than renting
Although there are many costs to buying a home, overtime it is cheaper than renting from someone else. If we were to compare a monthly rent and a monthly mortgage payment, the mortgage payment is usually significantly smaller. On top of that, with a mortgage you are paying off your own house, paying rent you might be paying off someone else’s!
There are many options when it comes to investing. Buying a house is one of the most solid ones. The value of the house usually only increases with time. On the contrary, for example, the value of a car starts depreciating the day you start driving.
One of the greatest allures of home ownership is passing down a home that fully paid for to your children. Another aspect is that when you rent a house, you might need to move when the lease ends for reasons uncontrollable for you. When you have your own house – that will never be an issue.
Freedom to make changes
When you rent a property, it can be difficult to make even simple changes. Have you ever had a landlord that wouldn’t let you repaint the walls? When you own a home, you can make changes as you see fit.