It has been observed that owning your own home has clear advantages over renting, especially when it comes to building your net worth and providing a stable environment for your family.
Here are a few reasons why we think owning a home is better than renting.
Firstly owning a house is a dream comes true for many people, especially middle class people. For them having own house means worry-free living with comforts unlimited. Many people have identified that at 30 to 40% more than the rent that they pay every month after month, they can buy their house and pay mortgage instead. Living in one’s own house is a prestigious issue for many people and they feel very proud about it. Although buying a house is more expensive in the beginning, it will turn out to be cheaper than renting in the long term if one understands the calculation and compare the total costs of ownership of house including maintenance, taxes and insurance to the total costs of renting for the same period of time.
As an owner of one’s own house, one can enjoy the freedom to undertake remodeling of the house when needed and do painting of the walls in the colour and style of his choice. This is total freedom for many and they enjoy it so much. If a person fantasizes about customizing his dream house, purchasing own home is the only way to make that dream happen.
Buying a home is a big step in settling down and putting down roots in a neighbourhood. Homeowners gain a sense of stability when they settle into a certain neighbourhood. Moreover, homeowners move less frequently than renters and stay in their homes for longer periods of time. For most people, becoming a homeowner in a neighborhood means that they care more about local events and local news, leading them to feel more connected with the rest of the community. For those looking for stability and a neighbourly ambience, homeownership might offer them what they’re looking for. If one is constantly moving from one rented house to another, he may not get to know his neighbours properly besides the usual small talk one makes in passing. Whereas homeowners stay in their homes for longer periods of time, they are more likely to form relationships with their neighbours and hence they are attached to the neighbourhood.
If a person has his own house and is financially successful, he can have preference on the school their children go to, their educational opportunities, their higher education prospects, their career choices and their ability to grow wealth as adults. Many people who pay rent will agree that homeownership provides children with benefits that they can’t gain from renting. A home is something that can be passed on to their children. If parents invest in their homes and build their net worth, it can greatly affect the outcome of their children’s lives.
The people who pay rent month after month, especially the middle class people feel they are under pressure. For any one month if they have some other extra expenses to make, they feel worried about which one to spend their income on. This adds to their mental tension most of the time. This may not be the case with most of the homeowners. Moreover, there could be some negligent landlords who may not repair leaky roofs and other safety hazards. This could lead to the people on rent having some health issues due to dampness and other toxic substances in their house. Whereas, homeowners have more control over the maintenance of their living space and are more likely to fix a problem that can be dangerous.