It is certainly true that purchasing a house is arguably one of the single most important financial decisions that you will ever make in life, due to the enormity of the costs involved. In certain cases, the fact that it is much more practical to rent also holds true. Perhaps you are looking for a vacation rental to stay at temporarily during a fun trip. You could also be looking for a place to stay at while on a temporary employment position. Nevertheless, when looking at a more permanent place to live in there are many good reasons to procure your own property than to live on premises that belong to other people.
Here is why this is so:
o You have full ownership claim of your very own house
This is by far and large, the single most important difference between buying a home as opposed to living in a rented one. Yes, it is not even remotely easy to put in a huge sum up front and then proceed to go on paying monthly mortgage payments year in year out. Apparently, , it might look like the same thing. After all, even if you were to rent a property, you will still be making those monthly amounts, right? Wrong. There is a critical difference here. Once all of the mortgage payments have been satisfactorily completed, you will in effect, become the whole and sole “undisputed” owner of your own house. You can check out Liberty Lending Consultants here. They have some useful pieces of information that shed light on the dynamics of mortgage. That means that not only will you not have to pay rent, but no landlord would be able to remove you from a place that you have been calling your ‘home’.
On the other hand, if you really do live in a rented house, then it does not matter for how many years you keep on paying the rent, the house will still belong only to the landlord.
o A high level of stability
Due to the fact that you are living in a house that after all belongs to you, you can do pretty much whatever you like with it. No one will be able to tell you to leave a place that you might have been living in for years or increase the rent or even send an ‘eviction’ notice just simply because he got a better offer or wants to sell the place.
o A great opportunity for refinancing operations
If you own a property, you can use it to acquire loans that you can subsequently use to increase the value of your property by renovating the same. This means that whenever you decide to try and sell it, you will be able to get a better price from the market. Apart from that, you can use these loans to buy anything you want such as a new car, or even use your home to finance a vacation.
o A great asset
This is another great advantage of living in your own house. This will be an asset that you personally own, while all the amount that you spend in paying the rent will never be recovered at all
For more information regarding the benefits of purchasing vs. renting property you can check out https://www.youtube.com/channel/UCMPUUoPTYQG0lHc8wp8SkMQ?view_as=subscriber or log on to http://lutherragsdale.com/shop.Feel free to contact me for all your real estate needs 404.513.5677 or luther(at)platinumrealestate(dotted)com