Hold Up, Is Owning a Home Really a Lot Simpler Than Renting?
That’s how 67% of people feel.
Published May 8, 2019 1:42 PM
Buying a home is a scary jump to make when you’ve grown used to the comfort of a transient lifestyle and a live-in super. Longtime renters may scoff at the idea of tying themselves down to a piece of property, but it turns out an overwhelming number of homeowners have zero regrets about making the leap.
LendingTree recently surveyed 2,095 homeowners to gauge their feelings about planting roots and found that 67 percent of people are convinced that owning is easier than renting. While the report doesn’t explicitly define “easier,” the fact that the majority of those who responded positively have owned their homes for at least seven years suggests that the long-term financial pros (think tax incentives) and simplicity of staying in one place might have something to do with it. After all, good things take time, right?
Purchasing a home certainly isn’t for the impatient. It can take years before a home feels completely your own, especially if you have a never-ending list of renovations you want to tackle, like finishing the basement or upgrading the kitchen. However, if you’re one for crunching numbers, the real benefits will show in your bank account. Monthly mortgage payments are often considerably less than monthly rent payments, and you can feel good about building equity along the way.
If the idea of mowing your own lawn or repairing your own pipes makes you cringe, here are three unexpected benefits that’ll convince you being your own landlord is worth it.
You have free range to live more sustainably…
Renters tend to have limited choices when it comes to making sustainable upgrades to their space. But when the only person you have to answer to is yourself, you can go wild with nontoxic paint in the bedroom (a la Meghan Markle), switch over to solar panels, and invest in high-efficiency appliances.
You can finally take advantage of your DIY Pinterest board…
It’s hard to be your own HGTV star when you’re worried about losing your security deposit over a few small holes in the wall or covering your gaudy kitchen countertops with a marble contact paper. But with little to lose, you can whip out the toolbox and let your wallpaper dreams run wild.
You don’t have to pay for movers every other year…
Jumping from apartment to apartment every year because your rent increased can take a toll on your wallet. While the cost of movers might seem minuscule compared to the price of a down payment, the long-term run beats the stress of apartment hunting every other year and hoping you don’t break any valuables along the way.