Reasons Why Owning Is Can Be Better Than Renting

by Eastside Realty Group, LLC 10/06/2019

Many people shy away from this topic; they think it’s something way out of their league. Deciding to buy a home requires a lot of planning and saving, it’s not a decision made over the night. Remaining a tenant is not bad especially if you can’t afford to buy a house just yet. However, deciding to stay a tenant forever without any plan to get your property is not a great idea.

Buying a house and continuous mortgage payment especially during the first year is capital intensive, but over time, you would begin to enjoy the benefits of the decision to buy. Living as a tenant has its advantages; however, becoming a homeowner has more advantages. Below are reasons why you should buy rather than rent.

Allows You Save Over Time

When you become a homeowner, the word ‘forced to save’ comes to play. For you to be able to make your monthly mortgage payments, you would keep a certain amount aside which would go into your home. Economically, this is a wise decision as it helps you build ROI and equity unlike when you pay for a rented apartment.

Creates Stability

Becoming a homeowner gives you a sense of balance and security. If you decide to get married or if you are already, owning a home eliminates the burden of moving from one location to another. When you become a homeowner, your kids grow up in a stable and secure environment.

Freedom Of Activities

Living in rented apartments limits what you can do. Many landlords have rules they put in place to keep their property running smoothly. When you decide to take a mortgage, it gives you the freedom to customize your space the way you like; it allows you to decorate, you can choose to invite guests over or even get a pet. 

Allows You To Get A Second Stream Of Income 

Deciding to take a mortgage allows you the opportunity of having a second stream of income. The property is yours, and you can choose to let out a room, rent out the garage, rent out a part of your yard or your driveway. The whole idea is that you can monetize your property without having to report to anyone.

The Cost Of Mortgage Remains The Same, Unlike Rent That Increases

Fixed mortgage rates do not increase irrespective of the economic position. Landlords are not bothered about if you got a salary increment or not at your job; they typically tend to increase the cost of your rent yearly. Paying for your mortgage is settling the bulk of your housing payments which helps you attain budget stability. 

If you are in doubt about which decision to make (rent or buy), speak to a real estate agent today to help you assess your readiness to own a home.

About the Author
Author

Eastside Realty Group, LLC

Mark Martin Broker / Owner, Eastside Realty Group LLC

Client Services and satisfaction are the principles that are paramount to me. I will go to any length, utilizing every technical tool available to meet my clients needs. I understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. 

That’s why my team of highly-seasoned real estate professionals is dedicated to providing exceptional, personalized service for all of our clients. I take great pride in the relationships I build and always work relentlessly on the client’s behalf to help them achieve their real estate goals.

My team of experts represents the best and brightest in the industry, and we’re always striving to lead the field in research, innovation, and consumer education. Today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate. With our extensive knowledge and commitment to providing only the best and most timely information to our clients, we are your go-to source for real estate industry insight and advice. And to the license real estate agents looking for a great company to join. Come join Eastside Realty Group, LLC the company that aspires to be the most recommended Real Estate agency in the country.

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Our philosophy is simple: clients come first. We pledge to be in constant communication with our clients, keeping them fully informed throughout the entire buying or selling process. We believe that if you’re not left with an amazing experience, we haven’t done our job. We don’t measure success through achievements or awards, but through the satisfaction of our clients.