Courtesy of Peter Lupus, Realtor®, e-PRO

10 Reasons to Own a Home

Sometimes it can be a tricky decision whether or not you should own a home or rent. There are good reasons for both, but when it comes to owning a property there are many advantages over renting. Let me give you ten:

#1 Renting Wastes Money
When you rent a property, the money you pay each month is wasted. When you own a home, your mortgage payments pay off that home. In other words, you are actually working towards owning something rather than just paying for something that you are only using temporarily.

#2 Decorate it
When you own a home, you are able to do what you want, paint the walls, plant the yard, anything you want. Renting a home almost always limits the amount of decorating that you are able to do, living by their rules.

When you have paid off your mortgage, you're done, its yours. Even if you rent a property for 30 years, you'll still have to make payments as long as you are there. Owning really does give you more money when you retire and not to mention your rent will increase by the year. If you take a fixed rate loan it will be the same payment for the full thirty years, or the length of the term.

#4: Resale Value
Once your home is paid for and you decide to sell it, you might be able to get more money than you put into it. As time goes on, the cost of properties can rise depending on how the area changes, this can lead to a resale price that is more than what you originally paid. This means you might be able to buy your dream home in Florida when you retire.

#5: Cheaper Than Renting
If you have good credit, there is a chance that you can get mortgage payments that are cheaper than what you might pay if you were renting a home instead. In this case, it really does make sense to own your home rather than renting it.

#6: Keep What You Install
When you rent a home, your landlord might not care at all if you make changes and add appliances. But, there are some changes that you cannot take with you when you move out. This means that you have invested money into that home and cannot take things with you.

#7: No Evictions
You may pay your rent on time every month, but there may come a time when your landlord decides to sell the property you are renting. This means you will have 30 days to find somewhere else to live. Depending on the area you live in, this might be really hard to do.

#8: Entertaining
When you rent a property, you are usually very close to other renters which makes it really hard to entertain. When you own your own home you don't have to worry about where your guests will park or how loud your music is.

#9: Make Additions
Sometimes you may need more space. When you own your own home, you simply have to add on an addition, but when you rent you will need to find another place to rent or get rid of some of your belongings to get the space that you need.

#10: A Better Option for Families
A large family is better off owning a home than they are renting. A large home ensures that they all have the space that they need and should another family member come along an addition can always be added and you will have something to help build your children's future instead of the landlords future.