Going From Renting to Home Ownership: What to Think About
Making the decision to purchase a home instead of renting one involves a lot of weighing the pros and cons. Many people just think about the fact that once you purchase a house, you no longer have to pay a rent check every month, but there are some other costs involved as well – you need to think about several different aspects, including the following:
Homeownership involves a monthly mortgage (to go along with the down payment), but remember there will also be property tax, as well as homeowners insurance. Make sure to do your research and talk to a real estate expert!
Consider Long-Term Value
There are plenty of long-term benefits that come with owning a house. If you make the right choice and purchase in the right area, your house can often be worth more – even much more – than it was when you purchased it. You will be paying a mortgage, but you’ll save on rent costs and you could end up making a profit form the house anyways. It just means you have to consult with a good real estate agent and do your research when it comes to figuring out the possible home value in the future.
Responsibility and Flexibility
There are plenty of good things about renting – your landlord is generally responsible for the upkeep, you can pick up and move at any time, etc. At the same time, you don’t really have the opportunity to make the place “your own.” Many renters have rules about decorating, painting, pets, outdoor care, and other requirements that don’t necessarily let you fully make you home truly yours. So if you want to take the reins, definitely consider buying your own home.
Going from renting a home to owning one is a big step, but transitioning into homeownership is a wonderful thing, as long as you do the research!