- “We feel that owning our own house is a sign of wealth.”
- “We would purchase a house so our kids would be in the right school zone.”
- “It was property we could sell once the children had moved out. We could down size and sell the house and use the funds toward retirement.”
You might purchase a home for one or all of the reasons listed above. Some people want the comfort but not the issues of lawn maintenance and repairs. Many of us have very busy schedules and do not want the hassle of maintenance.
In some cities you have the rising cost of leasing an apartment. It can be cheaper to purchase a house than rent an apartment. Always factor in utilities, lawn care, repairs, insurance and taxes. If you are buying your house, the insurance and taxes can be included with the mortgage.
Keep in mind that the interest you paid on your mortgage and taxes can be claimed on your income taxes. Your rent payment cannot be claimed on your income taxes. Equity also builds up in your home. Even if you are renting you should have renter’s insurance.
When renting, you have the freedom of movement once your lease has expired. If you own your house, you can rent it or sell it, but you would need to move.
Owning your home gives you freedom to decorate your home as you please. If you do not abide by the restrictions of your apartment lease, you could forfeit your deposit.
Whether you decide to own or rent is your personal choice. Make the right decision for you.