You have a lot of different choices when it comes to looking for a place to live. But when you buy your own home, in addition to giving yourself your own place to live, which you own, there are other ways you can benefit from this decision. Here are some benefits you can receive when you buy a single family house.
Permanent Residence For Yourself
When you buy a home on a piece of land you have a place for shelter and protection from the weather and a place to call your own that you can make into your own space. When you own your home you are responsible for its upkeep but you can also add in a backyard pool or rose garden, for example, or install a multiple-sprayer shower in your master bathroom.
When you own home you don't have to worry about signing a rental lease and moving every few years when you want to find a better living situation. You can stay living at the same home and build roots and relationships in the community and your neighborhood for yourself and your family.
Rental Property Opportunity
Another reason to buy a house it that it can make a great investment as a rental property. When you own your own home and you can rent it to tenants who pay you monthly rent. If you are still living in the home, you can rent out a room to a roommate or you can rent out its basement or attic, for example.
Make sure when you decide to rent your home that you thoroughly screen any tenants before you let them move into your home. Thoroughly screen all tenants over the age of 18 to verify their income and employment and review their credit report and complete a background check as well.
You can order and buy a credit report and a background check online, but you need to have the tenant's permission. You can get their permission on the rental application, which you should have them sign and fill out. And to cover the background and credit check fees, collect an application fee with the rental application before you begin processing their application.
It is also a good idea to charge a rental deposit on your home, which will cover any lost rent or damages that happen to your home while it is being rented. A deposit is usually equal to a month's rent, but you can adjust this when needed. For example, if you are allowing pets in the home you should charge a bit more on the deposit, as pets are more likely to damage a home.Share