Buying a home is a good investment that will save you a fortune in the future. However, you have to be ready to break the bank to get a spacious home for your family. If you don't have ready cash, you have to set aside a substantial amount of your savings on a down payment before applying for a mortgage to enable you to buy the house of your dreams.
Why go through all these troubles if you can easily find a rental home for your family? The troubles are worth your money because the long-term benefits of buying a home outweigh those of renting regardless of the house's rental price. Therefore, if your family needs a spacious home, here are reasons why buying one for them is a good idea.
There Will Be No Surprise Expenditures
If you rent a house, your property owner can increase your rent after every rental agreement expires if they realize that you didn't have an option. That will increase your monthly expenditure significantly, which might amount to thousands of dollars at the end of the year, depending on the increment.
However, if you buy your house, you will only spend a one-off purchasing fee without additional monthly charges. Even if you get a mortgage to buy your home, you will only be paying the same amount of money in your agreement period until you finish paying off the mortgage.
You Can Renovate the House Whenever You Want
When you rent a home, you cannot undertake any renovations without your property owner's permission. Even if you want to repaint the house or knock down a wall to create additional space for your increasing family, you must seek your property owner's consent or face legal charges for illegal renovations.
Even if your property owner allows you to undertake the renovation you want, they will be the main beneficiaries because you will vacate the house in the future.
However, the situation will be different if you buy your family home. As the house owner, you can undertake any renovations you want at any time as long as you can afford them. If you have enough money, you can repaint the house, renovate the kitchen, install new windows, or any other modifications that will give your house a look you desire.
Buying a Home is a Good Retirement Plan
Buying a house is a good investment plan. When you buy one, you will have a place to live when you retire without worrying about rent at your old age. Besides, your house will keep increasing in value, and you can sell it when you retire if you face financial difficulties.
Renting out the house when you retire is another option. If some of your children will have moved out by then, rent out the house and rent a small one for you and your partner. That will ensure that you have a steady income for your monthly expenditure, especially now that you don't have a monthly income.
Your Family Will Enjoy Adequate Privacy
Most tenants share several amenities with their neighbors. Besides, the houses have the same entrance and compound, which limits the tenant's privacy. Some of the property owners also use inferior building materials to save money during construction. That denies tenants their privacy, especially if the construction martial allows penetration of sound.
With all these disadvantages, buying your family a house is a better decision. When you buy a secluded house, your family will enjoy ample privacy around the clock. You can also undertake all the modifications that will boost your house's privacy, including erecting a fence around the house.
The House Will Be your Forever
The best thing about buying a house is that even if you spend all your savings or you forfeit some of your financial requirements to pay a mortgage, the house will be yours in the end.
Unlike renting, where your property owner can kick you out when you cannot pay rent or when your lease agreement expires, owning a home will ensure that you always have a roof over your head regardless of your financial situation.
The Bottom Line
If you plan to get a spacious house for your family, you have enough reasons to buy one instead of renting. Renting will cost you less per month, but you will have nothing to show at the end of your rental contract. However, when you choose the buying option, you will suffer financially, but you will end with the house after paying all the purchasing fees regardless of whether you pay for the house in cash or through a mortgage.
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