Reasons to Buy a House Rather Than Rent

Reasons to Buy a House Rather Than Rent

Deciding whether to buy or rent a home is a big decision but owning a home is better as it provides a sense of security and stability compared to renting. In this article, we will discuss why Shalom Lamm believes people should buy a house rather than rent.

Buying a house is cheaper than renting

Having a home reduces some of the rental costs that include security deposits and non-refundable house deposits. When the buyer rents a home, he pays monthly payments on a property that he does not own. Thus, he does not accumulate equity. A home can be initially expensive to buy but compared to renting, and it has low-interest costs.

Little freedom to decorate and renovate

Most buildings have boring designs, and the tenant would like to do some touch-up to their specifications. Most walls in rental places have dull and ordinary paintings. Tenants, therefore, want to change the color on the walls making their house attractive. Shalom Lamm, a real house developer, believes that tenants need to ask for permission from the homeowner to renovate the home. Some house owners will not allow renovations, but most landlords will benefit from that because when it’s time for the tenant to leave, they will leave everything behind. The improvements the tenant makes on the house they are renting will offer a long-term benefit to the owner of the home and short-term gains to the tenant.

No control over annual rent increases

The customer’s mortgage payment can never change when he gets a fixed-rate mortgage, which creates a lot of budget stability. Annual rent increases are usually fixed at 10%, which is much above inflation, continuing the trend. Buying a house saves the hustle of going beyond the budget as they do not have control over owners increasing their rent.

It helps lower the standards of living

Buying a home helps one save money they could have used for renting purposes. Of course, you’ll still have to pay property taxes and insurance, but that’s a small price to pay compared to the expenditures of renting a house. Also, having a home allows earning an extra income as the owner can rent a room that they are not currently using. You are likely to lower your standards of living when you buy a home in a cheaper city.

The owner may sell out the property at any time

By its very nature, renting is insecure. It can be stressful when you are sitting peacefully and suddenly saying he wants to sell the house gives a one- or two-months’ notice that you need to relocate. Also, the tenant might get into a disagreement and could find his security threatened to the extent of being kicked out by the owner.

Everybody dreams of owning a place where they shall call home and use it to raise their kids comfortably. With the benefits of owning a home mentioned in this article, you are likely convinced that buying a house is better than renting.