One of the biggest questions that many people are asking is should I buy a house? This is a very good question to ask. There is an ongoing debate on rather buying a house is better than continuing to rent one. Consider the stability, freedom, and now the affordability that buying your own house can bring. In most cases it’s more beneficial to buy a home instead of renting one. If you have ever considered buying a house, I’m going to tell you why you’re on the right track. Buying a house brings stability. When renting there is the chance of rent increases unexpectedly, but when owning a home, the mortgage will be a fixed-rate. “RP Data’s Buy vs. Rent report has revealed six darling Downtowns or Suburbs where making principal and interest payments on a 5.9% variable mortgage was cheaper than forking out rent” (Calcino, 2012). Instead of putting so much money into a place that is not yours, pay for a house that is.
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The kids can remain at the same schools with the same friends helping them to feel stable and fit in socially (RealtorMag, 2016). Moving around a lot can cause extra stress on everyone. Owning a home can help create wealth for yourself and your family. “Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.” This equity is a ready-made savings plan that you won’t have to pay federal income tax for (RealtorMag,
The kids can remain at the same schools with the same friends helping them to feel stable and fit in socially (RealtorMag, 2016). Moving around a lot can cause extra stress on everyone. Owning a home can help create wealth for yourself and your family. “Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.” This equity is a ready-made savings plan that you won’t have to pay federal income tax for (RealtorMag,