Buying a home can certainly be an expensive endeavor, but it comes with its fair share of perks. In owning your home, you have much more freedom to do with it as you please. This is because you have no landlord or property owner to ask permission from and answer to — you have only yourself.
This one fact in itself is why buying a home is often a better choice than renting a home. While renting is often cheaper, the freedom that comes with owning your home allows you to better build the life you want to live. Not just this, but it also opens up more ways to make money from your home, such as through renting or selling it down the road.
With these things in mind, let’s take a deeper dive into all of the major benefits of owning your home.
You Can Renovate As You Please
When you’re renting a place, you first have to ask the owner of the property if it’s okay to do renovations. This can really take away from feeling like you own the place, as it’s essentially like asking your parents’ permission to do something before you do. You typically even have to ask before doing small renovations, including putting holes in the walls for shelving and painting the walls a different color.
If you need permission to perform such small renovations, you can be confident that you’ll especially need permission for larger renovation projects. In many cases, you won’t even be able to perform larger renovation projects. For example, your dream might be to own a home with a built-out garden, but if you don’t own the home, there’s a good chance that the owner won’t allow you to build one. This is because you’ll likely need to alter the existing structure of your home.
However, when you own your home, you don’t need permission from anyone to renovate as you please. You can put up shelves, build add-ons, paint the walls, redo the floors, and anything else you want without any trouble at all. This difference can truly mark the difference between feeling like you live in a home and feeling like you’re living in someone else’s space.
You Can Own a Pet
Pets can add so much value to your life. They can develop your sense of responsibility, help you develop exercise routines, provide comfort after a stressful day, and so much more. However, pets can also be an incredibly destructive force, especially when they’re younger. This is why you’ll see many property owners explicitly state that they don’t allow pets inside their properties.
As great as pets can be, it’s hard to argue that they can’t be destructive. Pets’ nails can scratch floors, their hair can ruin furniture, their bathroom behavior can ruin carpeting, and their rambunctious behavior can cause all sorts of other damage. Therefore, it makes sense that many property owners don’t want them inside their premises.
Sometimes, you may get lucky and get a landlord who allows pets — or one that can be convinced through talking — but most of the time, when you’re renting out a piece of property, you won’t be allowed to have pets. This is why, if pets are high on the priority list for you, you’re better off pursuing ownership of real estate in Green Bay WI and N.E. Wisconsin. In owning your real estate in Green Bay and N.E. Wisconsin, you can buy and own pets as you please without having to worry about getting permission from anyone (other than maybe your spouse).
You Can Rent it Out
If you have space, a very lucrative way to make money when you own Green Bay WI and N.E. Wisconsin real estate is to rent it out to other people. Even if it’s just for short periods of time, such as through services like Airbnb, renting out your home is a great way to open up another revenue stream and make money while you sleep.
However, as any realtors in Green Bay WI and N.E. Wisconsin will tell you, you first have to own your property before you can actually rent it out to people. While some landlords allow tenants to sublease their property, most do not. In fact, oftentimes, if you’re caught subleasing with the permission of the property owner, you can face legal repercussions.
Consequently, if you intend to rent out your property now or in the future, you’re going to want to buy your property. This way, you don’t need to ask anyone for permission, you can set your own pricing, and you can rent out your place whenever and for however long you please.
It Can be a Growing Asset
By owning your home, you have a potentially-growing asset. This means that, depending on how well you take care of your home, how much you invest in it, and the evolving state of the geographical area around you, you might end up being able to sell your home down the road for more than what you originally paid for it. In other words, an owned home is like a stock — you own a percentage of it (ideally 100%), it appreciates (or depreciates) in value over time, and you can make a profit on it if you play your cards right — and sell it at the right time.
A rented home, on the other hand, is not something you can sell later down the road. You’re also not acquiring ownership through your payments every month — you’re only maintaining your status as the current inhabitant.
When perusing homes for sale in Green Bay WI and N.E. Wisconsin, always opt for ownership over renting. In owning your home, you have far more freedom to renovate as you please, own and host pets inside your home, and open up home-related revenue streams like renting. In owning your home, you’re also able to make a profit from selling it down the road, similar to how you might sell your ownership in a stock.