5 Reasons You Should Buy Instead of Rent

  1. The first reason is probably the most obvious: you are putting money into something that’s not yours. When renting an apartment, condo or house, you are essentially paying into someone else’s dream when paying off their mortgage month to month. Yes, you may not technically be ‘responsible’ for repairs and maintenance, but that $800+/month rent you are paying is money that is never to be seen by you again. Which brings me to my next point..
  2. Money you pay into something you own is an asset. Pat of the definition of the word ‘asset’ is that it “provides value to..” [a company, individual, etc.] “.. with the expectation that it will provide future benefit.” The only thing you are accomplishing by paying rent is helping that person benefit in the long run and not yourself.
  3. Rent can be raised by landlords when renewing your lease from year to year (OR month to month, depending on the type of contract you may have). A home mortgage has fixed monthly payments according to the interest rate you were locked into – NO surprises (unless, of course you decide to refinance, but all on your own terms)!
  4. Security. By renting, you always run the risk of an owner wanting to sell the property at any time that they see fit. Though if you have a contract, you may be able to still live there when it chances owners – sometimes a landlord can wait to sell when your lease runs up, not giving you the opportunity to renew which leaves you left scrambling for somewhere to live.
  5. In short, you can’t always do what you want when renting. Would you like to paint your living room a vibrant color? Or own a large German shepherd and a few cats? Not so fast. A landlord may put restrictions on decorating, painting, and pets and who likes to be told what to do? When owning, feel free to paint your front door apple red, or house a zoo if that’s what you please, it’s yours!

 

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