Though renting a home may sound feasible and cost-effective at first, it’s nonetheless a better idea to buy a home than rent it. Home buying offers tons of benefits to people newlyweds. Read on to learn the top benefits of buying a home over renting when you’re about to tie the knot and how this decision will help you in the long run.
Benefits of Buying a Home over Renting
As a newly married couple, you will want to grow your equity and looks for ways to secure your family’s future. And what better way to ensure this than to buy a property. Home buying gives you the perfect opportunity to build equity which you can never achieve if you rent a home. As property values increase, the money you spend on your house today will provide significant returns in the long run. So, every time you make a mortgage payment, a portion of that payment pays you a loan each month. Thereby building your equity in that home.
Make Home Improvements
Another great benefit of home buying over renting is the fact that you have the power to make home improvements as you like. As a couple, you want to give your space a personalized feel reflective of your personality and is designed to your liking. Moreover, you can easily make changes are the house to add functionality and make it more energy-efficient. This means you don’t have to depend on or be answerable to the landlord for home improvements.
Besides this, home improvements improve the functionality of your space and the value of your property. Therefore, it is a win-win both ways.
Sense of Belonging
You will eventually have to find another place when you rent a property once the contract ends (and is not renewed). This further means you can never enjoy the sense of belonging that one wants to experience at some point in life if you rent homes. However, if you buy a home over renting, you can enjoy all the community advantages and experience the sense of belonging needed to feel safe and secure. More importantly, when you have a sense of belonging, you can raise your kids in a secure environment and peace of mind.
Convert it into a Rental Unit
Once you buy a home, you can always rent it out and buy another place once your family grows (Click here to check our article on Investment on Rental Properties). Renting your home will generate a source of passive income. You can also use that money to pay for your new home.
For more information or assistance with the home loan process, contact us. We help newlyweds realize their homeownership goals.