The Emotional Side Of Buying Vs Renting: What You Need To Consider
There is a lot of emotion tied up in both renting and owning a home. If you are an emotional person, you may prefer making this decision based on how it feels. If so, here are a few of the things you should consider:
1. Making a Home
Of course you can make a rental feel like a home, but when you actually own a property, it’s easier to make the changes that you want and need in the space. Because of that, it’s easier to get emotionally attached to a home that you buy.
2. Creating an Emotional Attachment
When you own a home, you get to stay there as long as you want. You don’t have the fear hanging over you that your landlord may terminate your lease or sell the property.
3. Putting down Roots
As you create an emotional attachment to the home, you can really put down roots. You can start to have children and entertain visions of having your grandchildren in the same home. However, this part of the emotional process isn’t the same for everyone.
Some people do not like the idea of putting down roots. They would rather have a rental that they can just move out of when they are done with that part of their lives. Others who aren’t ready to put down roots prefer to buy a home with a mortgage and sell it quickly.
4. Dealing with a Person versus an Institution
When you buy a home with a mortgage loan, you deal with a person throughout the application process, but then, you are primarily dealing with an institution as you repay your loan. If you rent property, you are likely to deal with a landlord each month.
If you have to pay your mortgage a few days late, you get a late fee and the bank doesn’t even notice. If you have to pay your rent late, you may have to deal with a guilt trip from your landlord. For some people, it’s easier to deal with an institution in cases like these.
5. Feelings about the Future
If you feel like you want a sense of peace and security, a sense that you will have a place to live throughout your retirement, getting a mortgage is probably the best option for you. However, if you feel like you want the ability to move at a moment’s notice, renting may be better for you. Contact a mortgage lender, such as one at Dynamic Mortgage Concepts Inc., so that you can talk about the financial and the emotional side of buying a home.