There are many benefits of renting your property.

1. No Responsibility for Maintenance or Repairs

As a renter, you’re not responsible for home maintenance or repair costs. If a toilet backs up, a pipe bursts, or an appliance stops working, you don’t have to call an expensive repair person – you just have to call your landlord or superintendent.

2. Relocating Is Easier

When you rent, relocating for work is easier, less time-consuming, and potentially less costly. That’s why renters who change jobs often (or have steady jobs that require frequent relocation) typically rent until their professional lives stabilize. Though a sudden move may require you to break your rental lease, you can partially or fully offset the cost of doing so by subletting your apartment or negotiating with your landlord.

By contrast, selling a home takes time and effort. If you need to sell your house quickly, you may be forced to accept a lower price and potentially take a loss on your investment.

3. No Exposure to Real Estate Market

Home values fluctuate in response to changing economic conditions, and can decline over time. If you’re a renter, that’s not your problem – it’s your landlord’s.

4. Credit Requirements Generally Less Strict

Although most landlords require prospective renters to undergo a credit check, this is typically a zero-sum proposition. Your application is either approved or denied based on your credit score and credit history. As long as you don’t have a checkered credit report that includes bankruptcies and judgments, you’re likely to find a landlord willing to rent to you.

By contrast, mortgage lenders typically have high credit standards, with credit scores below 680 or 700 considered subprime in many cases. Even small changes to your credit score can significantly affect your mortgage rates, potentially adding thousands of dollars in interest over your loan term.

5. Some Utilities May Be Included

Many multi-unit building owners cover the cost of most or all utilities, including non-essentials such as cable television. The practice is less common, but definitely still possible, in smaller buildings like duplexes and single-family homes. By contrast, homeowners have to pay full utility costs, sometimes several hundred dollars per month, depending on dwelling size and usage.

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Unlike renters, homeowners build equity over time. On most mortgages, a portion of each monthly payment goes toward the loan’s interest. The remainder pays down its principal. (Your lender’s amortization schedule shows the exact proportions, which change over time, for each month’s payment.) Every dollar you put toward your loan’s principal represents a dollar of equity – actual ownership of the property. Once you reach 20% equity, or 80% LTV, you can tap that equity through a home equity loan or refinance your mortgage to secure a lower interest rate or longer repayment window.

You can also boost your home’s value, and thus lower your LTV, through judicious investments in home improvement. For instance, the home my wife and I recently purchased has only a rutted dirt driveway with a small shed at the end. Paving the driveway and building a proper detached garage in place of the shed would substantially increase the property’s functionality and curb appeal, potentially boosting its value by an amount greater than the project’s total cost.

2. Tax Benefits

Several tax benefits cater exclusively to homeowners, though not all homeowners qualify for all benefits. These are the most notable:

• Homestead Exemption. Many states exempt owner-occupied homes (homesteads) from a portion of the property tax burden that would normally accrue. For instance, Louisiana exempts the first $75,000 of a home’s value from property tax assessments, so a $200,000 home in New Orleans is taxed as if it were worth $125,000.
• Federal Tax Deductions. If you itemize your federal income taxes, you can deduct your property taxes and the interest paid on your mortgage, reducing your overall income tax burden (often substantially). This particularly benefits those in higher tax brackets.

These benefits aren’t available to renters.

3. Potential for Rental Income

Even if you don’t initially think of your home as an investment property, you can turn it into a source of income. This can partially or totally offset your mortgage, tax, and insurance payments on it.

The easiest way to do this is by renting out part or all of the property, provided you follow all local rental property laws. You might rent out a basement bedroom to a friend, live in one unit of a duplex and rent out the other to strangers, or purchase and move into a second home, leaving your entire property free to rent. You can also plunge into the sharing economy and take in short-term renters via Airbnb, VRBO, or another house-sharing platform.

4. More Creative Freedom

As a homeowner, your decorating, DIY project, and home improvement choices answer to no one, provided they don’t break local building codes or violate homeowners’ association rules. You can paint walls, add new bathroom fixtures, update your kitchen, finish your basement, or build a patio or deck to your heart’s content.

Radically changing your living environment to suit your whims is a fun, and even cathartic aspect of homeownership – and generally, it’s not available to renters.

5. Sense of Belonging and Community

Since homeowners tend to stay in their homes for longer than renters, they’re more likely to put down roots in their communities. This manifests in many ways. You might join a local neighborhood association, sponsor block parties or National Nights Out, volunteer at a nearby community center, join a school group, or align with a business improvement district. As a renter, you might not do any of those things, particularly if you know you may be moving in a year or two.

Benefits of owning a house.

There are many benefits of owning a house. It is a social security. A very important financial stability. The price increases over time. It can be rented out. There is very low risk involve in investment in real estate compare to other investments like stocks or gold. Buying a house can be the most important decision one makes in a life time. And after overcoming this major decision other small things fall in place by itself.

Over the years property investment has developed such a trust that everyone whether on a large scale or small is investing in real estate. And buying a house is the best of real estate. Although in the past decade there were rise and fall in property prices but still those who invested in houses are the prosperous ones.

Buying a house is an investment that increases in value over time compare to other things we buy like a car. A car decreases in value with time while a house increases in value. A house is a real asset. The houses always appreciate in price.

Property prices increases year by year. Usually property prices double in ten years. Short term price fluctuations are normal but if a house is kept for a long period of time it becomes a major part of your fortune. Most of the people who made large fortunes mad their money in real estate. If we make a list of the world’s billionaires we will find out that real estate comes at number 3 by which they made their money.

Some people rent their house for a sum and make money every month. House can also be rented in parts or portions. If a house is rented for a long period of time it makes more money than for which it was originally bought. A house bought at good price usually earns equal amount of its price in 12 to 20 years.

A home can be a guarantee for a bank loan. Usually banks lend money to people who has some solid investment in real estate. A house has burrowing power. A loan taken for a house can help you make another house.

A house also has move up power. Usually people sell their house to buy a bigger house. If person adapts this practice for a longer period of time he can increase the size of his house with every new deal he makes. There are people who will tell you stories that how he bought his first house which was 1000 feet in size but with continuous exchange with bigger and bigger houses, now he lives in a 4000 feet house. This is a practice which requires good knowledge of the property market and buying and selling at the right time of the property cycle.

Some people buy houses on installments. There are many developers who are making new housing projects where one can buy a house or apartment on installments basis. They offer house for sale in Quetta on installments. By paying installments every month a person can become the owner of a house at certain time. It’s like to become owner of the part of your house every month.

Home owners does not move much. The cost of shifting from one house to another can be too much. It also creates a lot of inconvenience and also take a lot of time. Changing locations and societies can be a lot of trouble like finding new schools for kids each time. This problem occurs in house for rent situation. To check available houses for rent click here

People take pride in home owner ship. This is one of the main reason of investing in a new house. Home owners has all the options available. Where he can paint the house the way he want. Make new construction in the house make new rooms any time they want. Garden of their choice. Buying a house gives you so much power over your property. Home ownership gives you a lot of freedom. People say that after achieving this major goal of owning a home they became more prosperous. After buying home other small things came in place by itself. After buying a home owners of the house became more attached to the society. They also start working for the development of the society like their home. Overall a house is the best asset any one can have.

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