To someone that is renting, it comes as no surprise to hear that rental rates are going up. With these rates continuing to rise, buying a home looks better and more practical than ever.
Not only does purchasing a home provide a more secure future for you, but the advantages of home ownership are numerous: build-up of equity; a tax shelter; remodel and redecorate as you see fit. But most important of all, it provides you with a buffer against inflation and rising rental rates.
Advantages of home ownership are:
- Appreciation – Your home can increase in value over time, increasing your equity and your personal net worth.
- Personalization – You can change or improve your home to suit your style and needs, such as painting or wallpapering, installing new flooring, or upgrading the bathrooms.
- Space – A house generally offers you more space inside and out than a rental apartment, along with the ability to remodel the existing space or add on.
- Enjoyment – Plain and simple, most homeowners take a great deal of pride in their homes.