When you’re looking for a new place to call home the big question pops up- should I buy or rent? While the answer highly depends on a person's financial situation, and if buying a house is feasible, then it can be much more beneficial to the new homeowners. Before jumping to the conclusion that owning a home can be a hassle, let’s look at the advantages!
1. It’s all yours: Of course, the main reason to buy instead of rent is that the property will be yours. Everyone loves the gratifying feeling of being able to decorate, paint, or renovate a home exactly how he or she wants it. This is precisely what makes a home individualistic to each person. In addition, you won’t have the stressor of possibly being kicked out!
2. Gaining an investment: Unlike renting, if someone puts money into their home, they are really building an investment. When looking to buy again down the line they can always use their old home as a rental property and gain a profit. Additionally, homes appreciate. If someone decides they want to sell their home and upgrade, the amount they can get from the sale can be much higher than what they bought it for.
3. You pay the piper no matter what: While many who rent believe they are escaping the costs of property repairs and taxes, this is simply not true. These fees are still included in rent. Instead of paying the landlord why not put these expenses towards your own home?
4. Low interest rates: Even though paying a low interest rate can take many years, each month the payment can be significantly less than the monthly price for an apartment. Taking this route can give you the option to use that extra money on other expenses or savings.
5. Having consistent payments: When renting there is no guarantee that the fees you are paying at the beginning will always stay consistent. Many landlords decide to up the price of rent. This unsteady dilemma can become major headache for renters. On the other hand, when you are a homeowner and utilize a fixed rate mortgage this concern is non-existent.
6. Save more money by owning: It might be surprising, however, homeowners are more likely to save more than renters. Since homeowners have mortgages to pay off they tend to spend less on trivial items. Therefore, they end up having a much more substantial savings than renters. It all adds up!
Next time you’re in the market to search for a new place to call home these are key factors to consider when deciding whether to rent or buy. To answer the big question, should I really buy instead of rent? The answer is yes! Buying overall has many advantages and will be the best choice in the long run. While many people assume renting overall costs less this can be farther from the truth. If you’re interested in the Lakewood Ranch area, check out Joan Kavanaugh Lakewood Ranch Realtor and find the perfect house for you.