Despite the unfortunate circumstances of 2020, homeownership in America has hit a record high over the past year or so. It might seem odd to some. If the year has already been so stressful, why have so many people taken on something that isn’t by any means a light decision?
The truth is that although the process of buying a home can be stressful, owning a home has many advantages that you can’t replicate with renting.
If you’ve been wondering whether it’s time for you to bite the bullet and buy your first time, this is why you should.
It’s an Investment
Purchasing a home is an investment. That’s one of the main reasons to do it.
When you rent, you simply pay enough to keep living there and in the end, the only money you’ll see is your security deposit. House prices do fluctuate and the marker is ever-changing but in the long run, house prices increase over time.
When you sell your house, you should be making a profit and be able to upgrade. Or, you might plan on living there forever, which is fine too!
It’s simply good financial sense if you can afford to put down the closing cost. Plus, the monthly mortgage is often actually lower than the rent you were originally paying.
Helps Build Credit
House buying is generally good news for your credit. While paying rent to your landlord may not have an influence on your credit score (as usually, only the utilities and bills will), a mortgage is sure to make your credit skyrocket.
There are all sorts of reasons to have a good credit score. This influences any line of credit you take out, and a few points can be the difference between acceptance and rejection.
Having a good credit score is vital to financial success in the USA. Home buying will help you get there.
Creative control is perhaps one of the most compelling reasons to buy a house. If you’re looking at houses, think of all the things you’d like and mention them to your real estate agent so they can bear them in mind.
The great thing about buying a house, though, is that you can always do these things yourself! Turn one of the spare rooms into that office you wanted, or go into full construction mode on the build itself.
If you rent, you’re very limited on what you can do. You may not even be allowed pets. Buying, however, ensures you’re in full creative and administrative control of your own life and living space.
Buying a Home Is Worth It
Buying a home might seem like a hugely stressful task — particularly in these times. However, if you have the finances and take the plunge, you’ll soon realize it’s worth it.
It’s sensible financially, and it’ll do wonders for your mind if you have control over your own life.
For more lifestyle tips and other great advice, check out the rest of our blog.