Over the past several years, rental properties have become more popular. Many people, especially younger folks, may wonder why they should buy a home. Home ownership carries many responsibilities that renting does not. Renting does not require one to make repairs or handle upgrades.
That being said, there are many reasons why home ownership is a boon. Here are just a few reasons to buy a home.
Even though renting a property carries less of a burden of responsibility, the financial burdens can be higher than you think. Half of all those who rented properties in 2013 spent nearly half of their income on housing costs, compared to just over 25% of homeowners spending over 30% of their income on the same.
This is because of the sheer popularity of rental properties. As more people turn to renting, the prices of rental properties go up. This makes it a great time to leave that apartment or rental condo behind and buy a home, as the cost of buying is down.
Urban vs. Suburban Lifestyle
The majority of rental properties tend to be located in urban areas, which carry with them a higher-stressed, faster-paced lifestyle. Everything in urban areas is happening right now, and must be done right now. For some people, this is attractive.
For those who prefer a quieter lifestyle where they can enjoy peaceful moments, home ownership is a benefit.
Small towns offer a wide variety of arts, culture, shopping and fine dining, as well as lots of green space to enjoy. More people are rediscovering an appreciation of relaxation and a slower pace of life.
Many renters get tired of hearing the term “home equity.” Owning a home really is a long-term investment. Over time, home ownership will increase your credit rating and give you a cushion for those times you may need money. You might be able to tap into the value that you have paid into your home for emergency funds.
In addition, when you sell your home down the line, you may make money on the deal. Homes that are well-cared for tend to appreciate in value over the years, so barring dire economic conditions your home may be worth much more in ten years than it was the day you bought it.
There are many reasons to make the move from renting to owning property. When the time comes for you to take the leap and look at Niagara on the Lake real estate, Kevin Stokes is here to help. Drop him a line today, and get moving into your dream home!