It is true that homeownership has gotten a bad rap during recessions and the mortgage crisis. It is also true that it isn’t for everyone. However, there are many reasons to move forward with homeownership instead of renting. There are many financial reasons as well as reasons that just make life better. Check out this list to see if homeownership might be right for you.
A mortgage isn’t necessarily a bad thing
A mortgage may sound scary, but there are many reasons why a mortgage is better than rent. First of all, your mortgage can’t go up. Rent can go up, a mortgage will not as long as you choose a fixed mortgage. If you nab a mortgage when interest rates are low, this is a win-win. Shop around for the best deal, there are many mortgage broker Windsor options to choose from. Mortgage interest payments can also be deducted from your taxes. Other expenses, such as energy efficiency improvements can also be deducted. In many areas, a mortgage is even less expensive than rent.
Owning a home can provide additional income streams
Have an extra room in your home, rent it out! Have some extra room in your yard? Rent out a little patch to someone who would like to grow vegetables. Have an extra driveway? Rent it to someone who needs to store an RV. People find ways to monetize their homes all the time and this is not always possible with rented spaces.
You can find more ways to save money
When you are renting, you are stuck with what you have. Your energy costs could be off the charts because of old aluminum windows or electric baseboard heating. When you own a home, you can save money by investing in energy-efficient windows or installing solar panels. The possibilities are endless when you own your home. You can be better on the environment and better on your pocketbook.
Everyone also knows that every time you move, you buy new stuff. Each space that you rent is a little different and new furniture will be needed. Once you own a home, you will know that you will be there for a long time. This means that you will not need to constantly invest in new furniture.
Customize Your Space
In addition to making energy-efficient upgrades, you can also change and upgrade spaces just because you want to. Are you working from home? Turn the garage or extra room into an office. Love entertaining? Knock down that wall between the kitchen and the living room and open up space. Have kids? Create an awesome space for them to play in the backyard. The possibilities are nearly endless when you own a home. Make space your own and increase your happiness and quality of life.