By: Megan Bohannan
Renting a home more often than not results in a higher monthly cost than a homeowner. This is because typically, landlords have to inflate their own monthly costs in order to turn a profit. When you own a home, you won't have to worry about rising rent or having a surprise move when the owner decides to sell the building.
If you've ever rented an apartment, I'm sure you know what it's like to be plagued by loud music and heavy footsteps from noisy neighbors, or even worst, a landlord who (in)conveniently "just happens to be in the neighborhood". Being a homeowner provides you with a private sanctuary to call your own without worrying about any unwelcome intrusion.
No pets, no hanging objects from the wall, no painting; are some of the many rules you are confined to when renting. The space in which you live should be a reflection of who you are and what's important to you. Becoming a homeowner gives you the creative freedom to express yourself in whatever way you see fit.
When you buy a home, it's more than just a safe place for you to rest your head, it's also an opportunity to build equity. While renting might have a financial advantage in some cases, committing to the long-term with the purchase of a home is a great way to start building generational wealth.