When it comes to your home, there’s really only two options in life: owning or renting. No matter where you stay, you’re either going to be renting from someone else or safe in your own castle. And while most of us would prefer to own our homes, there are actually significant pros and cons to both options, especially when it comes to your personal finances.
What are those pros and cons? That’s what we’re here to look at today. You don’t always have a choice when it comes to whether you can afford to own your own home or not, but if you do, here’s the guide you need. And if you’re in a situation where even rent is hard to make, think about taking out an installment loan with us.
One of the biggest advantages to owning your own house is that it’s an investment for the future. Real estate is almost always a solid investment, and while it may take twenty or thirty years, you’ll have a valuable asset that’s worth more than you paid for it in the first place after you’re done paying off your mortgage. And nowadays it’s actually easier than ever to invest in real estate.
Another advantage of owning your own home is that you can decorate and customize it however you like. Want to put in Mexican tiles? Build an extra room? Paint the walls pink? As a homeowner, there’s nothing to stop you from doing anything you want with your own house, something you don’t have the freedom of when the roof you live under belongs to someone else.
While there’s an undeniable prestige in owning a house, the truth is there’s a variety of ways it’s easier to rent. Investment means work, and not everyone is interested in putting effort into where they live. If you own your home you’re responsible for bills, insurance, repairs, and appliances. As a homeowner, you’re responsible for all of those, every month. That means remembering to pay the electricity bill at the first of the month, making sure you’re insured for the right amount and researching the best contractor or handyman to handle a repair.
And you’ll be lucky if all the above costs you less than an arm and a leg. The truth is that renting is fundamentally cheaper than being a homeowner, no matter how reasonable your mortgage. Spending less can give you more freedom, so renting give you more independence, both practically and financially.
The points above are just a few of the main issues you need to consider when deciding between renting and home owning. Ultimately though, only you know all the different variables that’ll inform your decision. Hopefully, this article has at least given you an idea of what you need to know.