You may have heard over and over again that owning a home is wonderful and truly a dream come true. Certainly there are risks involved with purchasing a home, but when there are so many positives, they can in turn outweigh the negatives. If you have played it safe and have been renting for years, you are throwing your money out the window. You are making the landlord rich, but do you get any benefits?
What are your benefits of owning a home?
Let’s take a look at renting. When you are renting a place, you are automatically limited as to how you can transform the space and make it your own. In other words, there is very little personality you can infuse into a rented space. Any improvements you make will ultimately benefit the landlord and not you.
Does it really make sense to spend money to improve someone else’s space? Probably not. In any case, you may not even be able to paint the walls a different color than eggshell white without having to ask for permission from the landlord. At the end of the day, the landlord gets the last word in and not you.
If the place you are renting has severe structural damage, mold, old carpeting or any other number of things, there is little chance that your landlord will ever fix them. The point is to increase the profit margin by spending a minimal amount of money on fixing the building, so your comfort is not important.
When you choose to own a home, you are given freedom to decorate your home as you pretty much please. If you want paint your walls a shocking blue, that is your decision and the landlord won’t be there to discourage you.
Apartments are set up to accommodate as many families in one building as they possibly can. This means that your space is very limited and you usually won’t get a garage or a storage facility to store your belongings. For growing families, this can become a real hindrance as children don’t have enough room for privacy and neither do the parents. If you strive to get as much closet space as you can or time in your bathroom, that certainly won’t happen in an apartment.
Owning a home is not cheaper than renting an apartment in the beginning. However, over the years, you will find that your costs are slowly decreasing as you don’t have to rent extra storage space for your belongings or use a coin-op laundry to get your clothes washed.
Purchasing a home can also be beneficial in letting you choose a high-end neighborhood or an area that otherwise doesn’t have a lot of rentals. If you want to enjoy private mountain life or live in the suburbs, most areas don’t have apartments for rent, or the ones they do have are pricey and have a waiting list.
It is important that you don’t take the concept of home ownership lightly. It is not an easy overnight decision to make. There are costs involved as well as a certain amount of anxiety. Keep these tips in mind for making an informed decision!