Platinum Real Estate

Benefits of Buying a Home Compared to Renting a House

Making a decision to buy a Saugatuck modern farmhouse is a significant financial decision for anyone to make throughout their life. This is why you should carefully look at each and every aspect of such a purchase. Some of the more important and obvious advantages of buying a home vs renting one include the following ones:

o The Pros of buying your own home

There are myriad benefits of purchasing a property and they are the key reasons due to which many people ’take the plunge’ and invest their life’s savings into making such a purchase decision rather than living in rented premises:

o You can claim full ownership of your very own property

This is the single most fundamental difference between buying a home vs. living in a rented property. Yes, you have to put in a fairly large lump sum amount up front, and then subsequently go on to pay monthly mortgage payments. Ostensibly, it may look like the same amount that you would have to pay when you rent out a property, but there is a critical difference. Once the mortgage payments are complete, you will become the whole and sole “uncontested” owner of your very own property.

On the other hand, if you live in a rented house, then regardless of how many years you spend payingthe rent, the property will always belong to the person to whom you are paying said rent.

o Opportunity for refinance

Once you have uncontested title to a property, you can leverage it out to refinance it and thereby acquire a loan that you can subsequently use to renovate your house. This way not only will you have better living quarters, but at the same time you will also be able to ensure that the overall ‘curb appeal’ of your property has also substantially increased. Apart from that, you can use the ‘refinance’ option to purchase a new car or just about anything else you may have in mind. If you are convinced that you are going to custom build your new home, then be sure to rely on a reputable and well-established business like home builder swift current. In order to have things the way you would prefer them, your best bet will be to hire a professional Custom Home Builder. Make sure to contact this Custom Built Homes business for some great options and custom home plans.

o Greater long term stability

Due to the fact that you are living on property that belongs to you completely, you have the right to do pretty much whatever you like with the same property. By this it is meant that you are not answerable to any landlord or other owner. In the long run this means that you will never have to worry about an increase in rent or being served an ‘eviction’ notice from a place that you have grown to see as your own home.

Apart from the above, another great advantage of purchasing a place as opposed to renting the same, is that you will have a great asset, whose value will only increase, with time. However, paying rent by contrast, is a ‘sunk investment’ since you get nothing out of it, in the long run.

For more information regarding the advantages of buying vs. renting propertyyou can check out https://www.youtube.com/channel/UCMPUUoPTYQG0lHc8wp8SkMQ?view_as=subscriber or log on to http://lutherragsdale.com/shop.