1) Pay yourself, not your landlord – Each month you own a home, you build equity in your property. That means you own a little more with every payment you make. You also have the opportunity to see your home increase in value, especially if you take care of it and make improvements. Let’s compare your rent payment with the monthly interest you would pay on your mortgage. When you rent, it’s like 100% of your payment every month goes just to interest and you never own anymore of that property than you did before. When you invest in a home, you invest in yourself.
2) Mortgages are Cheaper – A monthly mortgage payment for a home is often cheaper than what you would expect to pay in rent for your typical apartment. Think about that. If you can own a 3 or 4 bedroom home for what many people pay to rent a 1 or 2 bedroom apartment, why not buy the house? You can have the house to yourself and you’ll be paying less!
3) Stability for your family – For most people, renting is viewed as a short-term solution. If you can afford to own a home and you’re not planning on moving anytime soon, then it’s really tough to make a case for renting in lieu of home ownership. On the other hand, a family is a long term commitment, and to go with that, you need a long term investment, such as a stable place to call home. Numerous studies argue that home ownership has a wide range of benefits on child and family development. When you own a home, you do something good for yourself and your family.
4) More freedom – If you’re renting a home and you decide to paint the walls or the floors, you’re increasing the value of the home, but you don’t get to enjoy it. You’re adding value for your landlord. You also will probably need his permission before you do anything to the property. Well that’s no fun! When you own the home, you get to make all those life choices yourself, and if you do a good job and increase the value of the home, then you get to keep the profits on the property when you sell it.
5) Create Community – One of the best parts of home ownership is being part of a community. At an apartment complex, you’ll have a ton of neighbors you never meet, and with everyone moving in and out so often, it’s difficult to find that sense of belonging. When you own a home, you get to put down roots in a neighborhood and form life long friendships with the people around you.
6) Builds your credit – You might not know that your credit score is impacted positively when you show your ability to repay different types of loans. So even though you’ve been paying your car loan or your credit card consistently, you might find that your credit score hasn’t changed all that much over time. You’ll build positive credit faster by adding consistent, on-time mortgage payments into the mix.
7) You deserve it – Most importantly, home ownership can be a wonderfully rewarding experience, and you deserve to be part of it. A good home can change a person and even set a family on the right track. When you rent, it’s like trying to make your home in someone else’s house. Take a chance on yourself, and invest in a home that will give you a place to belong to.