The Benefits of Owning a House vs Renting a House
To rent or to buy? That is the question, and the answer is not always as easy as one might think. Both options have their advantages and disadvantages, but your final decision may just come down to your financial situation and where you are in life. If you’re really considering buying a home, here are some benefits of owning that you won’t see when you rent.
A sense of stability
When you are renting, you have trouble feeling a sense of stability or belonging in your community. Renting a home requires only a fraction of the commitment that buying a home does. The fact that you could up and leave easily gives you no reason to get involved or invest in your surrounding neighborhood. You can often feel in a state of flux when you are renting. However, when you’ve committed to a home and community, you want to make the most of it. You are more likely to befriend neighbors, organize events, and want to keep your neighborhood safe.
Tax benefits
Yes, you have to pay property taxes, but there are also breaks and benefits you can get from owning a home. Just as an example, some states have a special laws that exempt a portion of the house’s value from property tax assessments, so long as the area occupied by their owner. This encourages house purchasing, and keeps people in their neighborhoods by allowing them to owe less property tax than what their home is actually worth.
Freedom
When you rent a home, you forfeit much of the freedom you would have in a house that you own. Most people who rent out homes have strict rules about what can be done to a house. This can include painting the walls, renovations inside and outside of the home, landscaping, and repairs. Your home doesn’t really feel like yours if someone else is telling you what you can and can’t do to it. Of course, the trade off in a rented home is not having to worry about things like repairs because your landlord will take care of that kind of thing for you. However, if you claim you need a repair, and the landlord claims that you don’t, you’re often out of luck.
Rental income
Owning a home gives you the freedom to rent out part of your property to others in order to make some extra money. Many people have gotten in trouble for renting out of their rented homes, as it goes against their renter’s agreement. However, when you own the home, you don’t need to worry about these kinds of things. If you have a spare room, furnished garage, or extra nice basement that you aren’t using, why not make a profit off of it? People are always looking to rent from homeowners because their conditions are usually less strict than that of normal renters. Many want the community of sharing a home with others. As long as you are straightforward with your tenant about price, expectations, and boundaries, it’s a great way to make some extra cash.
Does buying a home sound like the best option for you? We at Blue Marble Properties can help you find the perfect home. Visit our website to learn more.