The longer you rent, the more likely you are to postpone purchase of your house. Federal Reserves in its Survey of Consumer Finances has consistently found a huge gap between the average net worth of homeowners compared to those of renters. Buying a house is the best investment that you can make due to long-term gain in value that is crucial for growing wealth. On top of that, owning your home will make you feel secure and comfortable in today’s uncertain times, while renting will leave you stranded in poverty. Renting your home will not solve your housing problem on a long-term basis. Now is the best time to make your home ownership a reality. Home ownership provides you with a feeling of security and peace.
Below listed are reasons why you should rent as short as possible.
1. Buying your home is the best investment you can make for your future
Buying a house is the best investment you can make. It will save you monies down the road that you would have been throwing down the drain by paying for rent. You could always rent a part of your house and earn passive income off of it. Thus, you will manage to diversify your source of income which is crucial for survival in today’s times. Home ownership grows wealth through the accumulated savings streamed towards paying down a mortgage and long-term home appreciation which is the gradual rise in the home value over time. Thus, the earlier you buy a home, the quicker you can get the appreciation to work for you. The longer you postpone purchase of your home, the more money you will lose especially looking at it long-term.
2. Renting will leave you stranded in poverty as it will not solve your housing problem on a long-term basis
With renting, you will have a difficult time getting out of poverty as you will be wasting your money on rent instead of saving it for a required mortgage payment. The longer you rent, the less likely you are to buy your own home. Thus, you may be waiting a long time and falling behind especially if you are waiting for the current housing boom to crash as the market may rise more slowly in the future and stabilize. Renting will not solve your housing problem on a long-term basis. Sooner or later you will need or want to own your own home. So why should you wait and postpone the purchase of your home? The longer you postpone it, the more money you are going to be throwing down the drains for renting someone else’s property. Renting is only a temporary solution that is meeting your short-term needs. What you need to do is invest your monies into a more permanent solution -buying your home- which will satisfy your long-term needs for ownership and security.
3. Now is the best time to make your home ownership a reality
Recession may equal opportunity for some. Make your dream of owning a home a reality. There is no better time to do this than now. If you and your partner have decent and stable jobs, this is your unique opportunity as a couple to take advantage of the current market situation where property is readily available and for a cheaper price.
4. Home ownership provides you with a feeling of security
Home ownership will provide you with a feeling of security and comfort which is crucial for feeling well in today’s insecure times. There is that special feeling associated with living in your own home and being able to do whatever you want with it in terms of decorations and interior. You can never feel as peaceful and comfortable when living in someone else’s property.
You will eventually benefit by owning your place rather than renting it. This holds true especially if you plan on staying in the place of your choosing for the next five years in order to overcome a real downturn, if you are capable of maintaining your house, have cash savings, and solid money management skills. But, if you live off of credit cards and do not know where and what you spend your money on, purchasing your home may be the last thing you want to do.