This article comes from Business Insider~Liz Knueven
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 get 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.
And then there's the emotional appeal of owning a home — the house is yours, and for some people, you can't put a price on that.
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
- And, buying could help to increase your net worth in ways renting can't
- You've got a shot at significantly lowering your living expenses someday
- You'll have an opportunity for passive income
- No one will sell it out from under you (or raise the rent)
- You get to make it your own
- It's more stable and familiar
- You've got the chance to get a great deal
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