This is a common question many individuals ask when deciding on a home. While there are some benefits to renting, research has shown that buying a house can be much better for you and for your family. Here are a few reasons to buy instead of rent:
If a landlord decides to sell the house, or lease to someone else, you have to leave. In your own house, you are in charge – no sudden eviction notices. And while you may have to pay for repairs yourself, they will be done on your time. You won’t have to wait a week for the dishwasher to be fixed.
Your house. Your rules. If you want to paint a wall cherry red or completely remove it to create more space, you have the freedom to do so. You can landscape, make renovations, and change appliances. When you maintain and customize your house the way you want, you will be more satisfied and more comfortable in your home.
Studies have shown that home ownership benefits children in many different areas. They are more likely to graduate high school and have higher test scores, and they are less likely to have behavioral problems. Families who own instead of rent, are more involved in communities and are more likely to vote. When renting families move frequently, it can have adverse effects on psychological and emotional development, and on building healthy, lasting friendships.
Buying a house is often considered an “investment,” and there are lots of money-saving aspects to home buying. While rent can go up, a fixed mortgage will not. You can take tax deductions on your mortgage interest payments, and on eligible expenses. If you try to make your house more energy efficient, you can save money on utilities. In the long run, the value of your house can increase.
If you don’t plan on staying in one place for very long or if your job outlook is unknown, buying a house may not be the best option for you right now. Deciding to buy or rent is a big decision, and it can only be made after examining your personal situation and by researching all your options. If you have any questions, feel free to call our office at 435-275-2775 and talk with an agent!