When people think about making the leap from renting to buying, they often are focused on getting more space or on the financial benefits of investing in a home. But becoming a homeowner also can increase your freedom in many ways. You have probably thought of some of the obvious ones, like being able to improve and modify your home how you want. Here are some less obvious ways that your freedom increases when you own your own home.
- Pets. Trying to rent with pets has become hard. A lot of places don’t allow pets at all. Out of those that do, the vast majority limit you to two pets. That is just not acceptable for a lot of people. It is easy to find yourself with more than two pets. Maybe you rescued a stray when you already had two pets, and now you have a third. Or perhaps you want to move in with your partner, but each of you has two pets already for a total of four. Pets are family members, and you shouldn’t have to give them up, or sacrifice living with a partner just to hold onto them. When you own your own home, you can have as many pets as you want so long as you do not exceed the limits for your city and county.
- Guests. When you rent, your landlord may have a lot of rules about when you can have guests over, how long they can stay, and how many you can have at a time. This can be fatiguing if you like to host guests often, or if you enjoy extended visits with family and friends. When you own your own home, you can host guests on your own terms.
- Hobby and workspace. Owning your own home can give you both the space and the freedom to pursue hobbies that might have been impossible in a rented space. For example, you might be able to install overhead bars and other equipment in a home gym. A home of your own can open professional doors too. You might need a garage or workshop to store and operate equipment that wouldn’t fit or be safe to use in an apartment.
- Vehicles. When you rent an apartment, you usually have limited parking available, and may need to pay extra fees if you have more than one vehicle. With your own home, you might be able to park more cars in your driveway, garage, and on the side of the street. You also may be able to park vehicles such as boats or RVs that an apartment would not let you have. This can prevent you from having to pay extra money every month to keep them in storage somewhere else.
- Income. When you are renting, you usually cannot sub-lease. Even if you are specifically renting a house, you may not be allowed to have tenants of your own. But if you buy a house, then you can rent out a room to bring in more income. There is also the option to build an ADU in your backyard, depending on local zoning ordinances, and rent that out instead.
- Privacy. Finally, there is no way to overstate the value of privacy that comes with being a homeowner. Aside from the HOA and the city/county, you don’t really have anyone to answer to about how you are using your home and yard. This doesn’t just give you more flexibility with your lifestyle, it also offers you a sense of tranquillity that you just never get when you are renting. Your home feels like it is truly yours, and not just something you are borrowing. You can truly relax, instead of feeling like you constantly need to be careful not to upset a landlord.
Buy a Home in Indiana
Buying a home gives you more than just space and an investment; it gives you more freedom than you have while renting. Grandview Lending is based in Indianapolis, and can help you buy a home anywhere in Indiana. To get started, please call us at (317) 255-0062 to schedule your consultation.
