Why Is Buying a House Better Than Renting a House?
By Ezmeralda Lee, Via eHow
Buying Versus Renting
•For most people, at some point in their lives they run across the question, "Is it better for me to rent a house or buy a house?" At different times of life the answer can be different; however, on the whole, it is better to buy a house rather than rent a house. There are many different reasons for this, from different points of view. The best thing to consider when buying a house is that you'll have equity in the house. This article includes many reasons why buying a house is better than renting a house.
•One of the largest benefits to buying a house rather than renting is the issue of equity. When a house is purchased, the payments that you make go towards owning that house. The more you pay into the house, the larger amount of equity you have in that house. When the house is all paid off, you have that amount of money as equity in your name. Renting a house does not give you any equity.
Locking in Payments
•Another reason why buying a house is better than renting is because when a house is purchased you lock in that monthly payment for the duration that you own the home. When renting, there is usually no guarantee that you will pay the same amount from lease to lease.
House Value Increases
•When a home is purchased, it is usually sold at the value that it has been given at that time. Later on, due to changes in the neighborhood or other property values, the value of your home will more than likely increase over time. This means that what you pay is less than the value of the home, which means that when sold, you will make a profit on that home.
•One of the largest advantages to owning your own home versus renting a home is the fact that the payments will end one day. Usually the mortgages last either 15 or 30 years. After this time period, the house no longer has to be paid off. This is a great advantage over renting. When renting you have to make payments for an unlimited period of time.
•Another great advantage to owning a house rather than renting deals with making modifications to the house. When renting, if the air conditioner isn't very powerful, there is nothing you can do about it. When you own your own home you could switch out the system for a higher powered, more efficient model. When you own your own home you can also make additions and modifications as desired. This usually isn't possible in a rented home. You are dependent on the landlord to make any required changes to the property.
Read more: Why Is Buying a House Better Than Renting a House? | eHow.com http://www.ehow.com/how-does_4569525_house-better-than-renting-house.html#ixzz105eHlZW2
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