We’ve all heard the familiar reasons to own instead of rent. “Build equity”, “invest in your future”, “stop paying someone elses mortgage”, “forced savings plan”, etc. I have constructed a list of own-not-rent motives that you may not have thought about.
10 (different) reasons to own a home instead of renting.
- You can move in and out when you want to, you don’t have to wait till your lease is up.
- No one has to approve the colors you paint your walls.
- You actually could be paying less monthly in your own home than similar rentals. Enough to make a difference.
- You don’t have to inform anyone that your living arrangement has changed.
- Want new lighting fixtures? Not a problem.
- Typically, your mortgage payment doesn’t ever increase, unlike rent. (Unless you get an ARM)
- Staying in your home longer, means you can become more involved in the local community.
- You don’t have to ask anyone to fix your shower head, just do it yourself.
- Help build your credit by paying on time.
- Most importantly: You don’t have to ask anyone if you can have a pet! Please adopt.
Are you a first time home buyer? Get started with my first time home buyer’s guide.