Between Renting Or Owning A Home

Owning a house is not always the best financial choice especially if you plan to stay in an area for not longer than a year or two. In this case, renting a home, apartment, or condominium is still a better choice. But if you plan to stay in a place for a long time or for good, in my opinion, owning a house is a great deal as this choice can offer both personal and financial benefits.

In the event you don't have enough money to buy a new house, then a rent to own house is an alternative. All you have to do is to save enough money for a down payment. Rent-to-own option is the easiest and most affordable way to secure your dream home without taking on debt.

When you own a home, you build equity in your home every time you make a monthly mortgage payment and later, it can be converted back to cash by refinancing or selling the property. You also benefit from the tax benefits of mortgage interest and property tax deductions. Aside from these financial benefits, there are other beneficial effects of home ownership. When you settle down in one area that suits you and your family, you become part of a community which can never happen when renting. Owning a house promises stability and security which can never be enjoyed when renting because you can never be sure when the mortgage increase.

When you own your home, you can also enjoy a level of independence and freedom not possible when a landlord is in control of your living space. That means you can decide whether to have pets, change the decor or design of your home, or plant a garden. Still renting? Why not consider owning a home instead of renting if you plan to stay in a place for a long time?