This article is a continuation of "Renting Vs Owning a house" If you missed the first part please find here Reasons for Renting.
Reasons for Buying:
When you pay rent you are increasing the landlords equity. However with each installment paid towards your mortgage to get closer to owning that house and you increase your home equity. You can use it later to acquire credit against your home.
Mortgage subscribers enjoy some tax cuts. For some reason the government won’t extend such breaks to home renters.
When you own a home you enjoy the liberty of painting the house your favorite color without consulting anybody. You could also add that extra garage or guest room you’ve always wanted.
Homes are known to be a safe investment that steadily appreciates in value. In other words, in a situation of a mortgage, the value increases while the debt decreases.
Renters have no idea when the rent charged will double. The landlord could choose to hike the rent without notice. Mortgage installments remain almost the same for the entire payment period which could stretch 30 years.