What do you miss least about renting?
In this day of low interest rates, the temptation to buy a home versus renting one is higher than ever. This article in the Globe offers some great insight into the buying versus renting debate, and how to determine what’s right for you. While it’s true that homeownership isn’t an ideal choice if it’s going to leave your house poor, or if you’re not ready to settle down in one location, there are definitely a lot of positives involved for those willing to take the plunge. Below are some things our clients appreciate most about home ownership.
1. Forced savings
While some people are good at saving their extra income, others are not. For the less-than-savvy savers among us, home ownership can be a great thing, as it’s forcing you to sock away money every month. Instead of paying someone else’s mortgage, you’re paying off your own – and building equity in the process.
2. The freedom to make the place “yours”
When you own your own home, you’re not stuck with someone else’s choice of paint colours, flooring or fixtures. How you customize your home is only limited by your imagination – and, maybe, your savings account.
3. The desire to keep your place nice
Even though you live there, when you rent a place it’s never really quite yours. While you may want to keep it nice and presentable, if something major goes wrong – or if you crack a tile here or there – it’s not that big of a deal because someone else will pay to get it fixed and, if they don’t, you can always move into a nicer place without much of a hassle. When you own, you always have resale in the back of your mind. This motivates you to deal with potential issues before they become major (costly) problems, and upkeep your home so you have less headaches should you eventually decide to move.
4. Freedom from crazy landlords
If you’ve rented for a while, you’ve likely come into contact with a landlord or two who wasn’t quite, well, ideal. One of the biggest perks to owning your place is you don’t have to answer to anyone – but, on the flip side, you have to handle all of those household issues on your own. Still, it’s a small price to pay for freedom.
What do you like most about owning your own home? Or, if you’re in the market for buying your first home, what will you miss least about renting?