In recent years, changes to the real estate market, including our understanding of the greater systems, have caused some people to shy away from home buying. Those who were confident in the past might be uncomfortable with a new purchase if they cannot afford the payments or get a loan from their financial institution.
As a result, more and more people are saying that renting might be the more affordable option, especially in a lower-paying “gig” economy. However, these claims may not be as concrete as they lead you to believe, for there are still many benefits of buying over renting a home, including:
Equity
Easily the strongest contender in the buying vs. renting debate, you gain no financial equity from renting. In fact, you gain few long-term benefits from renting when it comes to your financial situation. While you may pay less each month for a rental property, you sacrifice the development of financial stability.
Chance to Express Yourself
Still, not everything is about saving and spending our money wisely. Another chief benefit of owning a home is the chance to pursue your hobbies. If you want to take up painting, for example, you will likely feel more comfortable dripping a bit of paint on your own floor, rather than your landlords. This also applies to the backyards needed for gardening or landscaping.
Speaking of yard space, owning a home also gives you access to substantially more space than a home. Garages are a great place for woodworking and mechanical hobbies to take place, and basements can provide some much-needed activity space for adults and kids alike.
Ultimately, what both space and ownership get you over renting is the chance to express yourself. Whatever that means for you and your family, the options are more open and malleable when you have a space to call your own.
Line of Credit
While you can get a line of credit with enough financial holdings, one of the best ways is establishing a long-standing relationship with a bank or credit union. This gives you access to better financial products, including your mortgage and line of credit. With more spending power at your disposal, you have greater opportunities as well. Whether it is a new 4-wheeler, boat, recreational vehicle, renovation project or personal expenditure, better spending potential provides a significant opportunity for responsible financial freedom.
Investment for the Future
Our final benefit for home buying over renting is one that has stood the test of time. Of course, we are talking about the opportunities that a home presents for new and growing families alike. Owning a home allows parents to pass something on to their children and put their money toward a greater purpose than day-to-day living.
Interested in buying your first home? Looking to expand your property holdings? For your realty needs, trust Morris Tkachuk and the team at 2% Realty in Airdrie to deliver stellar service and great value!