There are many reasons you might prefer to purchase a home rather than renting one. This article discusses some of these reasons.
There are many reasons you might prefer to purchase a home rather than renting one. This article discusses some of these reasons.
View Home Buying Guide RSS feedThere are many reasons you might prefer to purchase a home rather than renting one. This article discusses some of these reasons.
Owning a home is said to be the ultimate American dream. However, most Americans find themselves renting before purchasing a home. Deciding between renting and owning a home may be one of the most important decisions you can make. Here are several reasons to own rather than rent.
When you're renting a home, you may feel like you are dependent on your landlord. For instance, if something breaks, you have to contact the landlord to get it repaired. Occasionally, a landlord can take several days or several weeks to have it repaired. It may also be frustrating dealing with your landlord because you he or she may not even live in the area.
When you own your own home, you can decide on repairs as well as other decisions such as owning a pet. Making your own decisions can be freeing. It can also be stressful. But, for many people, the minor stress is worth the freedom.
Many people consider owning a home an investment. According to Suze Orman from Money Matters, biz.yahoo.com, homes can appreciate about three percent a year, sometimes more. With this type of appreciation, the cash outlay can become a large profit. Some people choose to use a home as part of their investments for their retirement. They may choose to rent their homes rather than sell to gain a profit. No matter how you decide to use your home, you should stay in it for at least 3 to 7 years in order to compensate for the variety of expenses that come with home purchases.
Those are a few reasons why owning a home is beneficial. In order to make a fair decision, however, you should consider both benefits and drawbacks to owning a home. The most important factor in owning a home is whether you can afford to purchase and maintain it.
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