Why It's Better To Buy A Small House Than To Rent A Big One
Finding a place to live can be an arduous task. We must invest a great deal of time and energy finding the right location, the right amenities and and the right price for our place of residence. Whether it is better to buy or rent is often a subject of debate, since our life circumstances are the most important aspect of home selection. Many of us put off the purchase of a home because we are unable to afford our dream home, but most would agree that it is better to get a start on your dream than to delay it indefinitely. There are many advantages to owning a home and many compelling reasons why ownership of a small house is a better option that being a temporary tenant, even in your dream home.
A Place To Call Home
We all need a place we can call home. A home is a refuge from public life, a place to do and be what we want, without the intervention of others. In our home we are free to relax, entertain and conduct our lives in the style and by the standards that we set.
When we rent a home, we are not able to make it truly our own. We must consult with our landlord to make changes and we are bound by lease restrictions in order for someone else to eventually inhabit our space in relative comfort. We are not able to escape the lifestyle of our neighbors or those who have occupied before us. Our landlord has the right to inspect our home or terminate our agreement without representation.
The Cost Of Renting Versus Owning
The lease payment you hand over to your landlord each month does nothing to enhance your lifestyle. Although it secures a place for you to live, month by month, the money you invest goes towards someone else's lifestyle. Even though you may love the larger place that you are renting, it will never be yours. In general, buying trumps renting.
When you leave your rented home, you will have nothing to show for the hard earned money that you have spent. Owning a home means investing in the equity gained by its possession. Home ownership gives us a feeling of security and an awareness that we have invested in something that is likely to increase in value. The knowledge that we may be able to liquidate our investment or use it as security for a loan to insure our future lifestyle or cover unexpected events is an advantage we simply cannot access when renting.
The Cost Of Living In A Larger Versus A Smaller Home
Although there are advantages to occupying a larger home, a smaller one will never leave you at the mercy of an unexpectedly bad economic situation. Smaller homes are easier to heat and cool, easier to maintain and easier to sell or rent in difficult times.
Making Sense Of Moving On
When it is time to move, it's typically easy to leave your rented home behind. Although this is not necessarily so for the home that you have owned and lovingly cared for, the possibilities are many for your old home. It may be a good starter home for your children or a first stepping stone on the way to a better life.