A house is not a home until you can call it your own. Words to live by if you’re still living with your parents, in an apartment, or co-living with someone until you can afford a house on the market. In today’s society, renting isn’t such a bad deal. But are you getting enough bang for your buck?
Don’t get yourself stuck in a rental property draining your income and hindering your chance to save. Here’s why you want to become a homeowner, and purchase your first house.
The Idea of Control and Stability
While renting a place can make life appear to be easier when your landlord takes care of certain issues, buying a home comes with perks that outweigh having a landlord. For instance, having control over what you can and can’t do, can and can’t have at your home is something everyone should have. Landlords can tell you whether or not you’re allowed pets, whether or not you can renovate areas of the property, and have overall authority and control on the place you call “your home”.
In addition to control, you have the ability to save money. You aren’t locked into a lease, but you are more secure with a mortgage. Paying a fixed mortgage is better than having a landlord who increases rental prices without notice. With a fixed mortgage rate, you can protect yourself from the possibility of interest fluctuation– giving you stability. Having a mortgage on your own property is a much better investment than renting on someone else’s property.
The Millennials are Doing It
Millennials are the leaders of tomorrow. Their generation is moving into the homeowner world as they get married and start families. Saving for a down payment made buying a home worth it to millennials. For a while, this generation had a bad reputation for renting properties well into their 30s. Now, some millennials are skipping the starter home and headed straight for luxury homes.
Although taking the time to save for a downpayment does limit where you can afford to live for a little while, it does make it worth it when you get the home you’ve always wanted for yourself. Millennials show a sense of accomplishment when they’re able to save for a downpayment on a home and ditch the rental.
The Ability to Negotiate
When it comes to renting an apartment, you don’t really have the option to negotiate a price you will pay with your landlord. When purchasing a home on the market, you do have a great ability to negotiate. Very few homes sell for the exact price they are listed at. Negotiating a price and making an attractive offer makes for a great opportunity for both the seller and the homebuyer. You have to remember that you also have the ability to walk away. Utilize your real estate agent and know when to look at the next home.
Get yourself out of the renting circle and join the homeowner community. There are incredible benefits when you have a home that you can say is your own.