There's a reason why owning a home is part of the big American dream. Ultimately, we all want a place that we can call our own. While it's easy enough to say that your rented apartment is "yours," the truth is that renting leaves you with very little control over the property you live in. On the other hand, when you buy a home, you can really put down roots for yourself, and your family.
As complicated as choosing the right home, applying for a mortgage, and even unpacking a flood of boxes can be, there are plenty of reasons why it makes more sense to buy than rent.
1. You Have Complete Control
When you rent your home from a landlord, he or she can put as many restrictions as they want into the renter's agreement, preventing you from making changes to the property. After all, at the end of the day - they own the house, not you.
On the other hand, when you buy your home, you also purchase all the control that comes with it. Because that structure is yours, you can decide whether you want to paint it a different color, change the flooring, add a new room, or dig out the garden. It's all down to you.
2. Buying is an Investment
When you rent a property, the money you pay out goes to pay off your landlord's mortgage and place a little extra income in their pockets each month. In other words, you don't get anything from the money you spend in the long-term. On the other hand, with the help of a good real-estate agent, you can find a home with plenty of potential, and start adding to your asset portfolio.
When your mortgage is over, you're left with something you actually own - a property that you can sell, give away, or do whatever you want with. Additionally, you can even tap into the equity that you build up in your home over time - which can be a great safety blanket for some homeowners.
3. You Pay Less in the Long Term
While money isn't the only reason to buy a home instead of renting one, it's worth noting that a mortgage can be better for your bank account in the long run. Ultimately, when you buy a house, you can pay the same price as you did rent-wise but get a lot more property for your money. Alternatively, you can look into buying a smaller house, and save some cash each month.
The reason that buying is cheaper is that despite the expensive initial costs, like a down payment and legal fees, you only pay the price of your mortgage repayments each month. With rental homes, you're paying the mortgage, and a shelling out little extra for the landlord.
4. You Can Put Down Roots
Finally, when you buy a home after all the paperwork is signed and our friends over at Bellhops Moving in Washington DC have helped you finishing moving, you can start to lay down roots. Ideally, you'll have chosen a property that you can see yourself living in for years to come, and that means you can start to create a place that's going to be the source of many happy memories for you, your kids, and even your grandkids.
The long-term nature of buying is just one of the reasons why it's so important to check out the neighborhood carefully before you move in. You need to make sure that you've found a community you want to be a part of.
At Allied Title & Escrow, our team of industry experts and attorneys have over 25 years of experience in title, settlements and real estate transactions. Headquartered in Arlington, VA, we provide residential and commercial services throughout all counties of Northern Virginia, Washington DC and Maryland. We strive to provide the highest level of service and will handle all aspects of the title and settlement process.