Renting a home is a good option for some but buying a home just might be the best thing. When you rent a home, you send money to someone else every month in exchange for knowing that you can call on your landlord when the roof leaks, an appliance stops working or your bathroom faucet breaks. There are some big advantages though to buying a home that will improve your finances over the long run.
Build Equity
Did you know that when you rent a home, you help someone else build equity? Any improvement that you make to the property puts money back in the landlord’s pocket. Keeping the yard clean and taking care of routine maintenance builds equity in that property. When you buy a home, you have the chance to build equity of your own, which you can realize when you sell or refinance the property.
Steadier Payments
When you rent a property, the rent will likely increase periodically over time, often once a year. When you purchase a home, often a buyer will...Read More