5 Reasons to Buy Instead of Rent
Taking the plunge and purchasing a property is a big decision for most.
While renting may seem like a safer option that comes with less financial responsibility and more flexibility, we are here to tell you that homeownership comes with its own set of perks.
Putting the large down payment aside, there are many advantages to buying over renting, many of which even come with financial benefits!
Here are our top 5 reasons to buy instead of rent:
1. It is an investment.
Many people consider real estate to be a smart long-term investment option. Over time you will build equity in an asset that can later be sold, and ultimately enable you to upgrade to a more expensive house in the future. Not only do homeowners receive certain tax exemptions, but the value of a property, over a long period, is more likely to increase than decrease. You can also easily add value to a property, further increasing its worth and your return on investment.
2. You can establish roots.
When you purchase a home rather than rent, you are usually making a long term commitment. No more annual contracts or the instability of a short-term lease. You can feel safe to become a part of the community and make friends in the neighborhood without the worry of having to leave on a whim.
When you own a home, you are free (in most cases) to make changes, improvements, upgrades and decorate however you want. This flexibility to customize rarely comes with renting.
4. You can earn a second income.
When you own a home there are plenty of ways to monetize, from renting out the entire space to simply renting out a room. This can be a steady second source of income for you that you can even put towards paying off your mortgage.
5. Rent prices rise.
Unless you’re lucky enough to live in a rent-controlled area, it’s likely that your monthly rent will increase yearly. On the other hand, if you take out a fixed-rate mortgage to purchase a property, your interest will never change. That means more budget stability!
We are aware that investing in real estate is not an easy option for everyone, but that’s what we are here for! Contact Quasar today and we can discuss your options for homeownership.
Blog Courtesy of propertysimple.com