Tuesday, 18 November 2014

Renting vs. Owning

Studies have shown that home ownership makes you happier, healthier, wealthier and that your kids do better in school. In addition to these reasons, check out this list of 15 benefits of owning your own home instead of renting:

1. Wealth accumulation by paying down debt in the form of mortgage payments, whereas rent pays a landlord’s mortgage down.

2. Your credit rating improves when you own a home.

3. Over time, your net worth increases allowing you to establish a preferred status with your own bank, giving you the opportunity to make other major plans such as owning your own business.

4. If you become unemployed, the landlord still expects the rent payment; most lenders will work with you and perhaps add the missed payments to your mortgage.

5. Owning your condo allows you to choose how you live, entertain and decorate the interior.

6. If you require short-term loans, lines of credit, or other revolving credit arrangements, home ownership will provide greater opportunities to obtain the same credit arrangements at a lower cost.

7. The wealth accumulation achieved by owning your home is tax free, since equity in your principal residence is not a taxable gain.

8. There is a program available for homeowners only, which provides job loss insurance to cover the mortgage payments while you look for work and get back on your feet.

9. A mortgage payment can be fixed for up to ten years!

10. Pride of Ownership: you will be amazed how the small repairs that used to bug you in your rental are now a joy when you own your own home.

11. Sweat Equity: what stocks let you add value by painting, remodeling a kitchen or bathroom?

12. Retirement Plan: every mortgage payment and every percent of inflation adds to your retirement.

13. You now have an estate to pass on.

14. You don’t have to answer to anyone (except the bank).

15. You become a respected member of the community.

Options for Homes has seen first-hand in many of our owner's that home ownership improves the lives of people. We think it's pretty obvious where the check mark should go!

For many people the idea of owning a home is something they don't think is possible for them. At Options we are committed to helping everyone get into home ownership. Attend a FREE Information Session and see how we can help you!

Also, visit our YouTube channel and Subscribe to see testimonials from homeowners to see first hand how their lives and the lives of their children have gotten better since they bought their own homes!