Are you wondering if owning a home is really better than renting? Check out these reasons to buy a house to see why it’s a better investment.
The big debate: renting vs owning.
Home prices are reaching historical highs many feel priced out of realistic budgets. Others find rental prices astronomical and unsustainable. Somewhere between the two is a fantastic opportunity to own a home at an affordable price.
What reasons to buy a house could convince you? Consider the following.
The Top Reasons to Buy a House
Wichita and its surrounding areas have affordable housing for all budgets. The area offers $53k+ median home income with a steady population growth. Those finding their way here will enjoy the best benefits of homeownership.
Make It Your Own
Rental agreements will restrict and stifle your home improvement plans. A few living space changes forfeit deposits or cause legal troubles. Renters are notorious about keeping deposits, blind-siding tenants well-after they’ve moved.
A home becomes your own:
- Renovations
- Additions
- Styling
- Decorating
…the list goes one because you own the property. Home projects are open to your liking if you’re handy or hire professionals. This includes the yard!
Cheaper in Comparison
Consider costs when renting:
- Moving and storage
- Utilities/services setup fees
- Locked-in amenities
- Pet deposits and fees
Rental units itemize nearly everything, making expensive creep up and up. Some units include an automatic rental increase yearly. Compare the rental increase to a fixed-rate mortgage, you’ll see the long-term savings.
One study by GoBankingRates found home ownership cheaper than renting in most U.S. states. Larger down-payments (20%+) creates this opportunity. One could also find a steal with a foreclosure property!
Stability
There is a psychological comfort knowing you own a home. Plus, the stability knowing you’re not at odds with management or unstable renters.
Renting could pose:
- Price hikes
- New ownership
- Rotating neighbors
- Isolation
The home you’re creating brings about community and placement. This benefits your children as frequent moving creates lower quality-of-life in their adulthood.
Income Potential
Subletting and room rentals transform the home into an income property.
Airbnb offers an easy way to make money with a home without locking in rental agreements. There are possibilities to turn the home into full-time bed & breakfast, too, if desired.
You may choose to operate a business from your home, too. A home-based business costs less to operate and touts tax incentives/write-offs. This opportunity isn’t likely at rental units as it breaks many agreements.
Legacy
Owning keeps a home and property within the family, creating a legacy. You may choose to pass the home onto children or grandchildren. Or, let it operate as an income property funneling money into the family estate.
Boost Equity
A home has many costs and occasional money sinks but your investment builds its equity. Home and location appreciation grows personal equity as market value and demand increases.
Benefits of equity increase include:
- Larger net worth
- Better leverage with loans
- Remortgaging
You could use these opportunities toward home renovations and expansions. Or, use business smarts to buy another home, creating more income property!
Wichita to Augusta and Everywhere In-Between
The freedom one gets having keys to the home is among one of many reasons to buy a house. This article shared a couple, but there are many more you’ll soon discover as a homeowner!
Think you’re ready to own a home? Get in touch.
We’re here to answer any questions you have about the area. Plus, we’ll help you find your dream home you can call your own. We can’t wait to talk to you!
