People always ask, “What are the benefits of owning a house versus renting?”. My answer is always security, freedom, financial stability, and investment opportunity.
Security:
If you make your payments, you will not be kicked out of your home. Unlike renting, the landlord can ask you to leave at any time. Just because you have a lease agreement does not imply they have to honor it. They have the right to terminate the lease agreement and require you to vacate at any time. “Oh, but it would be stupid of them to do it because they’d have to compensate you for breaking the lease.” The point is that they can do it. You are going through a difficult time. Your mortgage company will not kick you out because you missed a single payment. Heck, the process of losing your home involves several months of missed payments. Even so, the lender will want to work with you to get back on your feet. Miss one payment to your landlord and see what happens when you receive an eviction notice.
Freedom:
If you wish to hang a picture or paint the wall a specific color, you can do it without asking permission when you own your own home. Want to get together with loved ones whenever you want without having to let your landlord know that something is happening? You are free to host events anytime you’d want when you own your own house.
Financial Stability:
Things happen in life: people get in accidents, lose their jobs, family members die, or you are reckless and accumulate a lot of debt. You are a homeowner and most likely have equity in your home. You can borrow money from your home to get out of the situation you are in. When was the last time you heard about a landlord lending money to help their tenant? Unfortunately, we all grow old and are unable to work. You can pay off your house while working so that when you get old and can no longer work, you won’t have to pay a mortgage. Your landlord will never say, “It’s fine, you’re old, don’t pay rent”
Investments
Real estate is widely regarded as one of the safest investments possible. Yes, markets fluctuate, but in the long run, you always profit. Whether it’s saving money when you eventually pay off your mortgage or making money through several investment properties, owning a home will always offer more benefits than renting. These are just a few examples of the advantages of home ownership; our CPF staff would be happy to assist you in learning more.
– Jorge Z, Owner/Broker
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