When it comes to buying vs renting a home, many people believe that the latter is an all around better option. That idea, however, has been skewed and there is now new information to suggest the complete opposite. One major reason that people prefer to rent is because they believe that it is more affordable than paying for a mortgage. Good news is, this couldn’t be further from the truth!
Your rent check goes directly to your landlord’s mortgage bill, so essentially you are paying their mortgage for them and getting nothing of solid value in return. All the while rent is continuing to raise making it only more and more expensive for you to live there. However, your own mortgage payment could be cheaper than you might think. In addition to the cheaper price, if you purchase your own home, you’re mortgage payment is actually working towards something: OWNING YOUR OWN HOME!
Buying your own home also gives you plenty of freedom. Do you want to paint, have animals, put on additions? You can do it, it’s yours. Are you renting and decide that you want to make changes? Better get permission from your landlord first. Even if you are perfectly happy with the house you’re renting and don’t feel the need to change, you are at the whim of your landlord. They can cancel contracts and sell their home if they so decide. Owning your own home puts you in the driver’s seat and in control of your own future.