Some in the “millennial” generation are choosing to rent rather than buy a home these days. They look at home ownership as a financial burden, something that can take a horrible turn for the worse, just like everyone saw during the recession. While not everyone is in a position where they should buy a home, those with the capital, lifestyle and means should definitely pursue ownership. Owning a home gives you more freedom than renting ever could.
When owning a home you will have a mortgage to pay every month. While tying yourself down to such a payment may seem more burdensome than being “unleashed,” consider the alternative. As a renter, you still have to pay rent! Rent money is never seen again and the only thing you got out of it is a roof over your head for 30 days. A mortgage payment, however, gives you not only a home for a month but goes toward something you will one day finish paying on and actually own, giving you more stability. And, if you ever sell the home, you can see a portion of that money back in your account.
Freedom of Sound
Renters are typically surrounded by other renters. There are upstairs neighbors, downstairs neighbors, and neighbors on either side. This type of close proximity often comes with sound issues. You could be watching a movie late at night, listening to music, or having friends over while your neighbors are trying to sleep. Or vice versa. Owning your own home puts a larger barrier than a single wall in between you and your neighbors and gives you the freedom to live as you choose.
Freedom of Property
Paint the walls any color you want, because they’re yours! As a homeowner, you can choose to redecorate, repaint, or remodel your home as you see fit. You won’t have to worry about security deposits that you may never get back. If the upgrades are done efficiently, the money you are spending can be going toward the value of your home, increasing your investment. You also have free reign of the yard. Plant a garden, install a flowerbed or a stone walkway, it’s your yard and you won’t have the end of the lease agreement always looming around the corner dissuading you from investing in any improvements.