The Advantages of Owning a House

For many people in their twenties, renting a place is the most ideal housing option. Only a few years out of college and just starting out in their first jobs, twentysomethings find that renting an apartment is a cheap and relatively commitment-free arrangement. However, as they push toward 30, most of them will have moved up rank, have a brilliant career ahead of them, and find themselves thinking about getting married and starting a family. Before long, the prospect of buying their own house becomes a reality.

Of course, they might have qualms when looking at houses for sale. Whenever the plumbing breaks down or the heater stops working, it’s the landlord’s duty to have them repaired. Buying a house, however, means that all maintenance will be shouldered by the owner.

Still, there are distinct advantages of owning a home. For starters, you’re free to do improvements on your property without having to ask permission from your landlord. If you’ve always wanted to have a garden, you can have one as well. Rents also typically rise over time, meaning an apartment might not be as affordable as it once was. In contrast, a home bought with a fixed-rate mortgage will have the same payments scheme for the next two or three decades. Lastly, homes are long-term investments which generally increase in value over the years, something that can boost your credit ratings as well.