4 Reasons To Buy A Home Instead Of Renting
Why would you ever buy a home when you can just rent one? Why commit to buying? Deciding whether to rent or buy a home in today’s market can be a struggle. However, buying takes precedence over renting for many different reasons.
Here are just 4 main points buying outweighs renting:
1. Buying a Home Can Help You Increase Your Net Worth
For those who are looking to build their net worth, buying is the way to go. In owning a home, you are building a valuable asset that can be worth so much more than a place to live. Owning homes also helps you build wealth to buy future homes. As your home increases value, you are likely to sell for a profit. That leads to you being able to buy a future home you necessarily could not afford in the past.
2. Long Term Buying Is Cheaper Than Renting
When renting a home, you pay a monthly fee for a property you do not own. This means you do not build any equity, so there is no long term benefit. When looking at buying vs renting initially, buying looks incredibly expensive. However, when calculating the monthly payments of renting, rent increases, and other fees, the overall price is much higher than buying a home.
3. Buying Forces You To Save
When buying a home, the down payment can be a struggle. Many homeowners save their money in advance to make it easier. Saving money takes discipline and motivation, but in the long run you are more financially stable. Buying forces people to save, helping them in the future with finances.
4. You Can Make It Your Own
Authenticity in a home is very important. When renting, there can be rules or regulations that prevent you from truly expressing yourself in your home. In buying a home, the opportunities are endless. There is more stability, freedom, and benefits to making your space unique.
As you can see, buying is clearly the better choice when looking for somewhere to live. Although initially buying a home can look very intimidating, when you analyze the numbers it is the clear choice.
Interested in gaining a new set of keys? Let’s talk about our options and where to live in Knoxville.