Most people start living on their own by renting an apartment. Eventually they start saving to buy their own home. That’s a very common goal among adults, but it makes a lot of financial sense to simply look for real estate & homes for sale in Laval rather than finding an apartment to rent.
Of course, buying a home is contingent upon your current financial situation. Buying is viable only if you can afford to buy a home. You need to save up and increase your salary so that you can attain your dream home. To motivate you, here are some common reasons why buying your own home is better than renting your living space:
- It boosts your confidence and pride. It is true that home ownership is as much about emotions as it is about rational financial sense. But for many adults, there’s just something fulfilling and satisfying when you talk to others and you speak about “your house,” rather than “your apartment.” This is especially true when you have your own family to support. As a rule, you just feel prouder when you can say that you live in your own house.
- You don’t have to ask permission about what you can do with your own house. When you rent an apartment, you have to ask permission about so many things, including painting your walls, or doing renovation on your bathroom. It’s just so annoying. You’re much more limited on what you can do, so every day you feel like a guest in your own residence if you’re just an apartment renter. Your home isn’t really yours, and feeling that way isn’t quite as uplifting.
- Only your bank can kick you out of your home. That’s only if you can’t meet the mortgage. But as a renter, you need to worry about your landlord’s ability to control where you live. Even with various laws regarding tenants’ rights, your landlord can still possibly raise the rent, renovate the building, or even sell the entire apartment complex without your say in the matter.
- You’re renting to own. Paying your mortgage is a lot like paying rent. The main difference is that when you pay your mortgage you’re increasing your equity in your house. You’re taking ownership gradually, so eventually the house will be yours free and clear. That’s not what happens when you rent, even if you do stay in the same unit for the next 20 years. You have no percentage of ownership on your apartment.
- You can regard your home as an investment. The word “investment” gets thrown around a bit too cavalierly these days. A true investment is all about making a profit, and here real estate is a good investment if you play your cards right.
What this means is that basically you may be able to sell your home for a lot more than what you paid for it. You often can’t say the same for your clothes, or even for your car.
- Your real estate profit for your primary residence isn’t eaten up by taxes. Some financial experts say that you may end up with a greater profit when you put your money in stocks while you rent, instead of putting your money on a down payment for a house.
But that’s not always true. And besides, the capital gains tax on stock profits are much higher compared to the taxes when you sell your primary residence. If you live there long enough (usually a couple of years) then it’s possible to even pocket the entire profit without having to pay a tax on it.
The dream of buying your own home is common among many adults. It’s convenient, and financially sensible, plus it’s just more satisfying. So instead of renting, consider buying your own home instead.