While renting a house is fine while you are a younger, owning your own home will almost always be a smarter alternative later on. For instance, if you pay for your own home with an upfront cash payment no one can force you out of it if you can’t pay your rent for one month. Here are a few of the top reasons why you should consider purchasing a house instead of renewing your lease.
- You’ll be paying your own mortgage. When you are renting a house or an apartment you are essentially paying your landlord’s rent for them – who really wants to do that? There are plenty of houses that you can buy that will have a mortgage that is even lower than what you would pay for rent.
- You can decorate it however you please. If you are a renting you will almost always have to ask before you decorate or paint – with your own house you can do whatever you want.
- You don’t have to worry about getting kicked out because of your dog. Most landlords will evict you if you keep pets that aren’t in your contract.
- You are building your future. You can always resell a house that you own to recoup the money that you have spent.
While buying a home is a great way to secure your future it is not a good idea if you truly cannot afford the payments – this will only lead to the bank foreclosing on your house. Nor is it a wise idea to purchase a home if you are not ready to commit to living in one place for a very long time.