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While renting a home or apartment can often be ideal for short-term stays, owning a home makes more financial sense in the long-term. Rental payments are little more than a wasted expenses, one that tenants may not be able to recoup in the days to come. Paying off a mortgage rather than just paying a land lord can provide homeowners with a significant benefits.
Your Rental Payments are Applied to Someone Else’s Mortgage
Property owners who have yet to finish paying off their mortgage typically apply some or even all of your rental payments towards their monthly payments. What becomes of a rental payment once it has been paid is of no real importance during a short-term stay, but things are different for tenants who remain in place for years or even decades. Paying off your land lord’s mortgage is of no financial benefit to you or your household.
Owning a Home is a Long-Term Asset
Real estate holdings can make a welcome addition to any investment portfolio. The more equity you have in your home, the greater potential value it may hold as an asset. Selling your home when the time comes can provide you with a major financial windfall. A long-term rental agreement is of no benefit as rental payments are not an investment and will not be able to provide returns.
Rising Property Values
Rising property values are part of what makes real estate such a desirable investment. Working with a professional real estate agent in order to find the properties, locations and neighborhoods that are most likely to appreciate in value can be a worthwhile effort. Investing in a home means investing in a more secure future, especially for those who choose the best investment properties and real-estate markets.
Doing Away with Leasing Terms and Tenant Guidelines
Having to follow a list of arbitrary rules established by a land lord or leasing office can become very tiresome. From home renovations to parking and guests, renting a property means having to adhere to any number of rules and guidelines. Owning your home can provide you with more freedom and greater convenience than you might imagine.
Rental agreements can be very convenient for those who are thinking short term. When it comes to staying in the same home for years or even decades, renting is a far less attractive option. Investing in a home will be far more lucrative in the long term.
Kara Masterson is a freelance writer from Utah. She enjoys Tennis and spending time with her family.
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