Is Owning a House better, or Renting a House?

Why is owning a home better than renting a home?

Research shows that owning your own home has distinct advantages over renting, especially when it comes to building your net worth and providing a stable environment for you and your family. Owning a house has better benefits than renting a house. Owning a house means that you can feel more secure and private, you can add or remodel your house without permission, and you can build easy money.

Renting a property allows more flexibility than owning a home. This is ideal for those who could be faced with sudden changes such as a job relocation. However, owning a property will make you feel secure and happy in your own environment. You can do potentially anything you would like to do with your house. You can sell it, destroy it, or repair it. You control your property, and nobody can or will stop you from what you want to do. This results in you and your family feeling more secure and protected from anything you don’t have control over. Another reason why owning a home has more benefit than renting a home is that you will have unlimited privacy. Do you really want your neighbors to hear your child's morning meltdowns? As any renter experiences, sharing walls with other renters can be awkward and quite annoying by hearing them watching their favorite TV sitcoms on full volume. Aside from noisy and obnoxious neighbors, renters also deal with bothersome landlords who have access to their private space in which you’re living in. Therefore, security and privacy are a reason why owning a house has better benefits than renting a house.

Moving out is easier for a renter than a homeowner since you wouldn’t stress to find someone to take over the lease or find a buyer to purchase the property as this is the responsibility of the homeowner or landlord. However, owning your house allows you to add or remodel your house without permission. You can redecorate your house in any way you would like to. If you’re a renter, you are basically residing in an area that isn’t even yours. Want to install a shelf in your bedroom? Better ask. Want to repaint the living room into a nicer color? Forget it. It is obvious that when you purchase your own home, you will have more control over how you would like to decorate or remodel your house. If you dream about customizing your dream house, purchasing your own home is the only way that wish would be able to come true. Another reason why owning a house has more benefit than renting a house is that you will have more freedom for keeping pets. If you're an animal lover, your desire to have a furry companion by your side may be stopped by strict renting rules. Landlords may be flexible when it comes to birds and fish, but dogs and cats are often deal-breakers for more demanding landlords. According to a recent study, 72% of renters are pet owners, and two-thirds of them have had problems finding a place that accepts pets. Owning a house is a definite way to provide a good environment for any sort of pet. In addition, this is why being able to add or remodel your house without permission is a reason why owning a home has more benefit than renting a home.

If you’re a renter, and nearly anything inside or outside your house breaks, it’s your landlord’s responsibility to fix it. So, your maintenance cost would instantly decrease. However, owning a house means that you can make tons of money without any hardship. Every few years, the price of your house would increase, and in many few cases, it can also decrease. If your house worth increases, and you sell that property, the increase in money will be yours. Let's say that after 5 years of owning your house with a price $250,000, the worth of that house increases to $280,000. The increase of $30,000 would be yours to keep. On average, homeowners over the age of 65 get around $212,800 with the value increase of their house. If you buy a home now, imagine how much money you could make by your retirement! Instead of having your money disappearing into your landlord's pocket each month, you'll be paying into something that can become more valuable over time. Another reason why owning a home has more benefit than renting a home is that you can rent out your house to someone else. Although owning a home is a long-term commitment, many homeowners go on to rent their homes when they purchase a second one, or even rent out extra space to other people willing to rent a space. According to a research, homeowners who rent out their homes to other renters can make up to $9,000 annually. This can result in you making a good amount of money in just a few years of renting out your home. Henceforth, therefore you can build easy money is a reason why owning a home has more benefit than renting a home.

Owning a home provides more benefit than renting a home. Based on the remarkable advantages of owning a property, would you still consider renting a place that can potentially bring no benefit to you or your family?