Benefits of Buying vs. Renting
One of the questions that will most likely come up when you are looking for a new place to stay is whether you should rent or buy the home. For some people, it’s always one or the other option with no room for debate, but most people aren’t sure with what is right for them which presents a tough choice. However, for most people, owning a home is the only fulfillment of the Canadian dream. Purchasing a home is probably the most significant financial decision that you will have to make in your entire life.
Here are some of the benefits of buying a home compared to renting.
You Can Do Anything You Want With the Property
Buying a home means that you are free to do whatever you like with it. You can decide to paint your kid’s room with any color you want and even change the floor plan from the conventional carpet to wood. You have the freedom to do whatever you like unlike in a rented home where you have to seek permission from your landlord before making any modifications to the home. Some of these changes can end up increasing your home value.
No Landlord Will Kick You Out
Sometimes, renters are forced to deal with unexpected eviction when the landlord decides to sell his/her property or rent it to someone else. You can avoid such awkward scenarios when you purchase the property instead of renting it. In fact, it’s vital for older people to be in a home that they own since it’s the only security against unpredictable landlords.
There is the Sense of Community
When you decide to buy a home instead of renting, there is a high likelihood you will take an active role and interest in the surrounding community as well. You’ll make your home neat and well-maintained, and you’ll also spend some time getting to know your neighbors on a deeper level and working tirelessly to ensure that your neighborhood remains safe. When you buy a home, it feels like the surrounding community belongs to you and the other homeowners, so you will work extra hard to take the community to another level.
The Cost of Mortgage is Constant Unlike Rent Which Keeps on Rising
Your mortgage payment can never change as long as you got a fixed-rate mortgage. However, you risk paying higher rent every year if you are living in a rented property unless you are in a rent-controlled neighborhood. The fixed mortgage rate is also crucial in creating budget stability.
Owning a home offers you the much-needed financial stability apart from it being a valuable asset that keeps on appreciating in value. For instance, a $250,000 home in 2018 should see an increase in value to an estimated $300,000 in one or two years based on how you take care of it.