Why Consider Buying Instead of Renting?

I recently read a really great article about renters in today’s real estate market, and that got me thinking about why everyone who is still renting needs to consider becoming a homeowner instead. Today I’ll share four good reasons to make the switch:

1. Like home prices, rents are rising as well. Nationally, rates for one- and two-bedroom houses are up by 13% and 14% respectively. That amounts to quite a bit of money leaving a renter’s pocket. Instead of putting that money toward rent, why not put it toward owning your own home and building your equity?

2. You can capitalize on equity gains. As home prices rise, so too does the equity a homeowner has in the house, which translates into increased personal wealth. Typically, homes appreciate between 3% and 5% each year, but that rate has grown exponentially over time. 

3. You can customize your home without needing permission. When you own a home, you can make any changes you like to it, including ones that will increase the property’s overall value. You can’t just put in a brand-new kitchen in an apartment.

4. Homeownership can provide you with mobility. People don’t always stay in the same home for 30 years. If you find yourself in a position where you need to move, such as for a job transfer, you can use the equity you’ve gained in the house as a down payment on your next home.

If you’re currently a renter who would like to make the transition to homeowner but don’t know where to begin, give us a call or send us an email. We’d love to help you get started.