There are many benefits to buying a home rather than renting an apartment. According to the National Association of Realtors (NAR), 38 percent of homeowners previously rented an apartment or house before making the switch to a home. Some of the reasons people are investing in home ownership include cost-effectiveness, building equity and having more space.
A common misconception is that owning a house is more expensive because of the maintenance costs. However, when you invest in a quality home in Austin, the fixes will likely be few and far between.
Buying a house also gives you the chance to start building equity. Building equity in your home is a better use for your hard-earned money, rather than putting it into an apartment every month without any benefit for you. While the housing market fluctuates on a day-to-day basis, if you invest properly and sell at the right time, you can end up actually making money on your house when you sell. Renting a house or an apartment will never bring you an opportunity to make extra money when moving out.
If you decide to remain in your bought house after it’s paid off, you will save considerably more than you would renting. Once the mortgage bill is taken care of, the only payments you’ll have to worry about will be property taxes and any maintenance that pops up. This will be much cheaper than monthly rent.
Is there a particular neighborhood you’re fond of? Have you always dreamed of a big back yard or having a dog? These are things that are limited and restricted when renting apartment units. You could also spend more on rent than you would on a mortgage if you seek an apartment in a nice neighborhood. In addition, you don’t have the luxury of private and guaranteed parking.
Perhaps the most desirable trait of owning an Austin home is the privacy offered in a place you can call your own. This means no thin walls, no fighting for the best parking spot and no awkward roommates. If you have pets, they’ll love having their own yard space.
Whether it’s personal space, investment or privacy you’re after; consider buying a home over renting. Then you’ll have a place you can truly call your home.