4 Reasons why buying is better than renting
Our teams love working with homebuyers of all kinds – but there’s always something special about helping someone buy their first home. That’s why we’re devoting today’s blog to renting versus owning.
There are pros and cons to both, but we’ve got a list of four reasons why now may be the best time to buy, no matter what you’ve heard on the subject.
Buying a home is a good way to invest in your future.
A mortgage may not seem different from paying rent at first glance, but they’re not the same. After all, one of the key benefits of buying a home is that you build ownership equity each month rather than filing your landlord’s pockets. We know rising prices may make some potential buyers skittish. However, think about it this way: The return you’ll get on the sale of your home will be more significant. Equity is also important because you can borrow against it as you build more of it up.
It’s often cheaper than renting, all things considered.
The last few months have been all about rising interest rates, but do you know what else is going up? Rent. Data also shows that rent is growing faster than the median income, so it will quickly become too expensive to consider renting a home.
While the upfront costs of home ownership (the down payment and other costs) can be overwhelming, it’s important to look at the whole picture. If you’re ready to stay in one community for any period of time, owning a home and establishing roots could be the best option for you. Talk to a real estate professional or a loan officer today and go over your options. They may even be able to provide you with a calculator which shows how the rent versus own costs stack up for years to come.
Owning gives you creative flexibility too.
The biggest downside to renting is you can’t fully move into a space and make it 100% your own. Landlords often have rules about painting, hanging things on walls and other changes you can’t make. When you own your own home, no one can tell you what you can’t do. (Except for HOAs, but that’s a topic for another day). Plus, improvements often pay off because many add value – and happiness – to your home.
You have a whole squad rooting for you.
Yes, we’re talking about ourselves and our REALTOR® and loan officer friends. While buying your first home can be daunting, you’re not on this adventure alone. Real estate professionals of all kinds are ready to guide you to the finish line and save you plenty of headaches – and maybe some money – along the way. We can’t wait to work with you!