Why is owning a home better than renting one?
When thinking about finding a place to live, one of the most important questions to answer is, “Should I rent a house or buy a home?” The answer could be different at different times in your life, but on average, buying a house is better than renting. There are plenty of reasons that buying is better and will benefit you in the long run.
The largest benefit to buying a home is the equity you will place into the purchase. When you buy a house, the payments you make towards the mortgage are going towards your ownership of the house. The more you pay into the home, the more equity you have. When the house is paid off, you will have all of that equity in your name so if you ever need access to the money, you will have that asset. If you are renting a house, your rent does not go towards equity. Rent is simply money you will never see again.
Owning a home also locks in your monthly payment. Once you make a deal with a lender, you know what your mortgage payment will be every month, no matter what the market is doing or how high interest rates rise. When you rent, you have no guarantee that your payments will be the same once your lease is renewed. If your current lease is good for a year, the owner could raise your rent price after that year.
Buying a home on Maui also helps you build your financial portfolio. Hawaii homes generally increase in value over time, especially if you take good care of the property and make minor improvements. If you sell your home a few years down the road, you should be able to make a profit. When you rent, you leave the property with no money returned and no extra cash.
If you enjoy making your living space match your personality, buying is also a better idea. When you buy a home, you can change it however you please. You can paint, put in new, more efficient units, remodel, or whatever you please.
If you rent a house, you will have to get clearance for anything you do and the landlord may not allow you to make any changes at all.
There are many reasons that buying a home over renting is beneficial to you. Once you find the perfect home for your family, you can check into the various moving companies in your area and compare the prices and services. Then, when you are ready to move, you can have peace of mind that you will have the help you need to make the change you want.
Looking to Buy a home in Kihei?
Maui? or Hawaii.
I want to be your Buyer’s Agent!
Howard Dinits R(B)
Each of us has a personal calling that’s as unique as a fingerprint and that the best way to succeed is to discover what you Love to do and then offer it up in the form of service. I Love what I do. Please let me know if you hear of someone Buying or Selling Real Estate in Hawaii.
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