September 18, 2017
Are you one of those people debating if they should continue to rent or should start to think of buying a home? If yes, then read on!
For some people, renting could be a better option than buying a home. Why? Because if you find yourself struggling with reducing debts and saving money, then having the obligation to pay for your mortgage each month could become another financial burden.
And for some, buying a house means you plan to settle down at the location at least for a good amount of time. So if you are uncertain about where you would be in life next, why would you bother thinking of buying a house, right?
But for many people, buying a house could be a great idea. Although there’re many myths about how difficult the home buying process is, they’re not necessarily true! Plus, in fact there are many benefits from owning your own home.
Here’re our 5 reasons why we think owning a home is better than renting:
1. You have a safe and secure place to live
True, you also have a safe place to live in if you rent an apartment or a house. But the feeling of security from renting an apartment is never the same level as that from owning your own home!
Why? Even if you want to change certain parts of the place you rent to make it safer to live in, you can’t do it if the landlord says no. Worse than that, you’re constantly worried that the landlord can kick you out of the apartment at any time and that you need to keep looking for a new place to rent.
Owning a home, on the contrary, allows you to live in a safe neighborhood of your choice knowing that you’ll have a secure place to stay for a long, long time to come.
2. You feel accomplished and financially stable
Has anyone told you that buying a home is a huge financial achievement in life?
Oh yeah, a house costs way more that anything that you could possibly have bought in your entire life. Not everyone could afford to own a house, so if you did, you should totally be proud of yourself!
I bet that if you start to save now to buy a house in the future, you would feel so accomplished and unable to stop smiling the moment you get the key to your house!
After all, you now have something that you could call ‘my home’!
3. You feel the sense of freedom
Nothing is better than the sense of freedom.
Owning a home frees yourself from a monthly rent payment because you know that your mortgage payment each month is an investment for your own future. You’re free to pay as much or as little as you like by choosing a payment schedule that works for you from many mortgage options.
On top of the financial freedom, you’ll have the freedom to do anything to your place because now it’s yours! Want to paint a new color to the roof? Sure. Want to plant a Cherry Blossom tree? Sure. Want to own a dog? Sure. You name the possibilities!
More space means more freedom. And your partner, your children, and even your pets will definitely appreciate it!
4. You become (physically and mentally) healthier
Research have shown that the place you live in might affect your health, both physically and mentally.
How? Well, more space and bigger yard mean more physical movement. Imagine that you have a nice yard in front of your house, wouldn’t that be a fun place to play frisbee with your dog?
On top of that, you’ll get to exercise every time you need to fix something for the house!
Owning a home can also makes you mentally healthier due to less stress. We all know that financial issue is a key source of stress for most people. But the sense of financial stability from owning a home can give your a peace of mind and lower stress!
Regardless of how life treats you at a moment, you’ll still feel secure if you have a place to come home each night, right?
5. You feel belong to your neighborhood
Owning your home means that you’re more invested in the neighborhood because you know that your neighborhood’s state of affairs will inevitably affect your well being.
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. You’ll probably care more about taxation, state of government’s funding, and public school more too because now that you’re embedded in the community, they matter to you.
And even if you care about none of those, at least you still know that there’s a community that you belong to and always welcome you!
If you don’t think you’re ready to buy a home, no worries! Keep calm and save on. We’re here with you!
But if you think you’re ready to start your journey towards homeownership, don’t forget to check out our first-time-homebuyer education classes! We also offer FREE one-on-one counseling if that’s a better option for you.
Click HERE to check out more of our free homebuyer education, counseling, and downpayment assistance programs.