Meadows Group Inc., Realtors

Reasons Why Owning Is Better Than Renting

by Stan Houseman 10/27/2019

Many people shy away from this topic; they think it’s something way out of their league. Deciding to buy a home requires a lot of planning and saving, it’s not a decision made over the night. Remaining a tenant is not bad especially if you can’t afford to buy a house just yet. However, deciding to stay a tenant forever without any plan to get your property is not a great idea.

Buying a house and continuous mortgage payment especially during the first year is capital intensive, but over time, you would begin to enjoy the benefits of the decision to buy. Living as a tenant has its advantages; however, becoming a homeowner has more advantages. Below are reasons why you should buy rather than rent.

Allows You Save Over Time

When you become a homeowner, the word ‘forced to save’ comes to play. For you to be able to make your monthly mortgage payments, you would keep a certain amount aside which would go into your home. Economically, this is a wise decision as it helps you build ROI and equity unlike when you pay for a rented apartment.

Creates Stability

Becoming a homeowner gives you a sense of balance and security. If you decide to get married or if you are already, owning a home eliminates the burden of moving from one location to another. When you become a homeowner, your kids grow up in a stable and secure environment.

Freedom Of Activities

Living in rented apartments limits what you can do. Many landlords have rules they put in place to keep their property running smoothly. When you decide to take a mortgage, it gives you the freedom to customize your space the way you like; it allows you to decorate, you can choose to invite guests over or even get a pet. 

Allows You To Get A Second Stream Of Income 

Deciding to take a mortgage allows you the opportunity of having a second stream of income. The property is yours, and you can choose to let out a room, rent out the garage, rent out a part of your yard or your driveway. The whole idea is that you can monetize your property without having to report to anyone.

The Cost Of Mortgage Remains The Same, Unlike Rent That Increases

Fixed mortgage rates do not increase irrespective of the economic position. Landlords are not bothered about if you got a salary increment or not at your job; they typically tend to increase the cost of your rent yearly. Paying for your mortgage is settling the bulk of your housing payments which helps you attain budget stability. 

If you are in doubt about which decision to make (rent or buy), speak to a real estate agent today to help you assess your readiness to own a home.

About the Author
Author

Stan Houseman

Stan Houseman
Realtor®  |  Principal Broker  |  Consultant

When it comes to Real Estate and the means to buy or sell homes, working with me is a team of professionals who bring their experience to work for you to help you achieve the results you are looking for. We are here to assist you in finding/selling your home and to be as simple and straight forward as possible.They include lenders, insurance, inspectors, appraisers, etc.
As a team, we make every effort to have selling/buying your home to be a positive and rewarding experience for you - CLIENT #1#1
Real
Estate services are unique to each sale and at some point, require someone to take care of the numerous details and to assist in protecting you byutilizing inspections, filling out all the necessary legal paperwork, etc.
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Stan Houseman
Principal Broker / Realtor® / Consultant
Houseman Heritage
Generations Opening Doors for Home Owners!

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I am a real estate professional. A Realtor® and a member of:
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PMAR: Portland Metropolitan Association of Realtors®
RMLS: Regional Multiple Listing Service