Even though renting has its share of advantages over outright buying a home, the fact of the matter is nearly everyone ends up buying a home at some point in their lives. If you’re tired of rowdy upstairs neighbors, an unresponsive maintenance team and skyrocketing rent increases, then it may be time for you to entertain the idea of becoming a happy homeowner. The pros of Wyndham Capital Mortgage are here to lay it all on the line about why buying is ultimately better than renting.
Why Buying a Home Is Better Than Renting
Better Energy Efficiency
Minor changes to a rental unit can make it more energy efficient, but homeowners have more freedom. You can add insulation, switch out your HVAC unit, install a more efficient roof and install solar paneling. While a renter may not use as much energy as a homeowner, a renter can’t recoup the financial cost of upgrades by selling the property later.
Less Furniture to Buy
Homeowners also don’t have to settle when it comes to furniture. If you have a smaller apartment, you may not be able to buy a large couch. To carve out rooms in an open loft, you might have to buy room dividers. Homeowners are often able to buy the furniture they like and buy less of it, and that’s especially true when they remain in their homes for several years. Imagine not having to put your furniture in storage or figuring out how to make it work in an apartment that’s smaller or larger than your last one.
If you’re a long-time renter, you may have settled on unit layouts or forced yourself to get used to them. With a home, you can knock out a wall and widen a room without worrying about violating your lease. When you own your space, you don’t have to settle for unsightly fixtures, carpet or wall paint. If you’re an especially creative individual, you’re sure to be rubbing your hands with glee at the possibilities awaiting you in the space of your new home.
Multiple Streams of Income
After buying a home, you may have opportunities to tap additional sources of income. For instance, you might want to rent out an extra bedroom or even your driveway to local commuters. If you have a home in or near a city where there isn’t much green space, you might even want to think about renting out an area of your yard where people can grow vegetables. How many of these streams of income are commonly available to people who are renting?
Less Chance of Being Forced Out of Your Home
You’ve probably heard horror stories of renters who kept up with their rent and took care of their units only to unexpectedly find themselves homeless. This can happen if the landlord suddenly decides to sell the unit or otherwise end the lease, leaving tenants scrambling to find new residences. When you’re a homeowner, you don’t have to worry about coming home to an unexpected eviction notice. This can be especially problematic for senior citizen or disabled tenants who have an especially hard time finding a new place that suits them and their needs.
Fixed Mortgages Don’t Unexpectedly Increase
Rent prices are beyond your control, but you gain back that control when you lock yourself into a fixed mortgage. Even if the price of gas, groceries and everything else is inflating, you don’t have to worry about your mortgage doing the same. To lock in a truly good rate for your mortgage, it’s best to buy a home when the interest rates are at their lowest.
Are you ready to move up from renter to homeowner? Learn more about buying a home from Wyndham Capital Mortgage and see what life is like on the other side of the housing equation.