Build equity in your home.
If you are renting, your monthly payments are going into someone else’s pockets or towards their own mortgage. Put that money to work for you! Owning your own home means that every monthly payment goes towards your home equity, which can improve your credit score or can also be used to borrow against to pay off other higher interest debt.
No more landlords.
This may be a highly influential factor depending on a potential buyer’s experiences. Many renters are sick of dealing with landlords and want a space they can call their own. Owning your own home is like being your own boss – you call the shots and get to do what you would like with your home!
Making a home that matches your style.
This is much more difficult to do in a rental. Yes, as we just mentioned, you can make some modifications, but many things that can be done to a home you own can’t be done to one you’re renting. Taking into consideration Homeowner’s Associations or planned community development restrictions, owning still provides more control and flexibility over renting.
Historically low interest rates cannot last forever.
If you’re not ready to buy or simply can’t afford to own a home, even the historically low interest rates and exceedingly affordable, home prices might not move you to take the leap into homeownership. However, understanding that these conditions won’t last forever is important. Sometimes when conditions persist, we tend to think they’ll always be this way.
Long-term plans tilt towards owning.
For people with long-term plans, the rent vs. buy equation is tilting heavily toward buying because rates are still low and home values are on the rise. If you plan to stay in the same area for years to come, laying down roots with a new home could be the best long-term financial option.