Home ownership is an essential part of many of our lives. Coming out of many different stages of life, there comes a time where we must live in our own houses. Whether we are new coming college students, freshly graduated college students ready to step into the world, or a couple looking for a home of our own, a roof over our heads is something we all hope to have. The majority of people turn to renting, but is that truly the cheapest option? Fact:
It is cheaper to pay a mortgage in 42 states than it is to rent. There is also that sense of ownership, a feeling like no other.
When owning a house we will no longer have to answer to a Landlord to paint our walls, or remodel. When we own a home it is ours, and no one else’s. If the down payment is too big to be paid, a lower down payment can be negotiated. Lowering the initial payment makes things easier for us and better in the long run. Be prepared: there are countless additional responsibilities that come along with home ownership. Understanding what is required of us is one of the most important aspects of owning a home, and preserving our title of home owner.
There are other payments we must pay as homeowners. Which includes: heat, electricity, gas, sewer, water, trash and recycling, and electives. Like our phone bill and internet. Let’s not forget taxes, but we’d have to pay regardless. The home would not be ours completely until we pay off our mortgage. And lots of things could go wrong with the house. For example, the furnace blowing, water heater could break down, roof could leak, electrical could not be up to code, or we find our walls covered in the drawings of past owners’ artistic expression. Now as a renter all we have to do is call up our Landlord but when we own its all out of pocket. Yikes, but that’s why Homeowners Insurance is there. However, it does not cover the routine maintenance, mold, sewer backups, or termites.
Even with all of these new responsibilities and payments that need to be made, home owning is more often the better alternative to renting. Keep in mind that this rule only applies to counties with a population of less than 1 million. Carefully research where you live and how much it would cost you to rent or to buy. Expect stress on your finances as paying for a home, whether in a situation of renting or owning, is not the most affordable thing. However, in more than half of the country, owning a home is a far better option. Homeowning is a long term commitment, but it provides stability in one aspect of our lives.