Currently Renting? 3 Reasons You Should Own A House
You may have heard about how it's better to actually own than rent when it comes to housing, but not exactly sure what people mean by that. It's true that with renting you are essentially paying money to live somewhere without building any equity, but there are advantages to owning that you may not be aware of. Here are a few benefits that you will see when you own your home rather than rent it.
Repairs Get Done How And When You Want Them Done
Many people like renting because they do not want to deal with the maintenance that comes with owning a home. Unfortunately, that also means that you have no control over how and when any maintenance is done. Their only responsibility is to make the unit habitable, so complaints about the hot water not being hot enough to your liking could go ignored.
When you own a home, you can take care of all the repairs as you see fit. You can jump on things right away, hire a professional, or even do them yourself to save money.
No Unexpected Drop Visits
Those that rent their own home or apartment may be familiar with the unexpected visits. States like Nevada only require a one day notice, while Alabama and Delaware give tenants two days notice. This means that you can suddenly have someone in your home when you least expect it.
This is one aspect you do not have to deal with when you own a home. Even if you get ready to sell, you control when you have an open house or show the property to a potential buyer. Feel assured that nobody will randomly drop in.
No Sudden Increase In Housing Costs
As a renter, you typically sign a 1 year lease which guarantees that you can stay in the place for an agreed upon price. After the lease is up, the landlord can increase your rent if they want to. Rent has gone up 11% nationally over the past 3 years, with 50% increases in major cities like New York over the past 7 years.
With a home, your mortgage and interest rate are typically fixed when you get a 30-year or 15-year mortgage. You may have changes to your property taxes over the years, but you can expect to pay the same amount for your housing over the course of your loan. This can really help you budget, and avoid moving because rent suddenly increased in price.
For more benefits of owning a home, speak to a real estate agent in your area.
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