Although there are advantages to renting, the rewards of purchasing a home far outweigh the pros of renting. The most basic of pros for buying a home is equity in the home that you are building. Essentially, as you make your mortgage payments and the more the home value increases, the more money you are “saving.” Owning a home also tends to represent the Canadian way that provides you a place of your own, and is a representation of permanence.
- Building equity is the strongest argument for owning a home versus renting. Mortgage payments decrease the amount of money you owe on a home and you can also consider your mortgage as a forced savings plan. If you pay for rent you are actually paying a mortgage for someone else and creating equity for them. Why do you want to create a savings for someone else?
- Tax benefits for homeowners include being able to save on taxes.
- Homeowners can always renovate, change and customize their home; whereas, if you rent you are at the mercy of what the landlord will let you do to the home. It is always fun to create a living style that is all your own. You can paint the walls any color you wish and hang pictures where ever you want. You can knock out walls, add floor space, carpet and redo the kitchen or bathroom. In a nutshell, you can do whatever you want with your own home.
- The stability you feel when you own a home is unparalleled. You know that if you lock in an interest rate your payments will not change. If you rent a landlord can increase your rent whenever they want and landlords may also evict you or sell the rented home out from under you.
- Home ownership contributes advantages for the future. You are continually building equity, but when you pay off your home, it is yours and no one can take it away from you.
Renting is a great place to start, but when you own or are buying a home you do have a sense of permanence and a place to just call your own. Home ownership equals building for the future, provides stability, and helps give you a pride in owning something. Home ownership also provides security for your family in knowing that they have somewhere to call their own.
Discover more about the joys of home ownership over renting today and see about making a move in your own lifestyle and budget. Then instead of tossing money out each month needlessly on rent, you can be saving and investing in your future.
Advantages of buying over renting