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reasons why buying a house is better than renting, according to people who have done it
Let's be frank: Buying a home is no small expense. Not only are there recurring property taxes and insurance payments to make,
but maintenance and upkeep gets expensive, fast. Business Insider contributor Kate Dore, a homeowner herself, recommends that the typical homeowner
should plan to save between 1% and 4% of a home's value for maintenance
But, those costs aside, there could be huge benefits. Consider that someday, your house might be worth more than you paid for it, and you'll move on at a profit. You might also have a potential for future passive income, if that's the route you want to take. And paying off your home to live mortgage-free can set you up for a comfortable retirement.
Buying versus renting a home is a very individual decision. Below, homeowners weigh in on why buying was the right choice for them.
Owning a home allows you to build wealth to purchase future homes
""Owning a home helps you build a valuable asset that is worth more than just a place to live,"
Buying a house isn't just a money move for now — it's something you're going to be committed to for quite a long time.
And that said, you'll have to consider what you'd want to do with it once it's time to move on. For some, that comes to renting out your home for passive income, and maybe even while you're still living there.
reasons why buying a house is better than renting, according to people who have done it
Let's be frank: Buying a home is no small expense. Not only are there recurring property taxes and insurance payments to make,
but maintenance and upkeep gets expensive, fast. Business Insider contributor Kate Dore, a homeowner herself, recommends that the typical homeowner
should plan to save between 1% and 4% of a home's value for maintenance
But, those costs aside, there could be huge benefits. Consider that someday, your house might be worth more than you paid for it, and you'll move on at a profit. You might also have a potential for future passive income, if that's the route you want to take. And paying off your home to live mortgage-free can set you up for a comfortable retirement.
Buying versus renting a home is a very individual decision. Below, homeowners weigh in on why buying was the right choice for them.
Owning a home allows you to build wealth to purchase future homes
""Owning a home helps you build a valuable asset that is worth more than just a place to live,"
Buying a house isn't just a money move for now — it's something you're going to be committed to for quite a long time.
And that said, you'll have to consider what you'd want to do with it once it's time to move on. For some, that comes to renting out your home for passive income, and maybe even while you're still living there.