Today we’re discussing renting versus buying a home.
Today we’re going to discuss renting versus buying a home. Which one’s better? Even though the housing crash was several years ago, some people are hesitant about jumping into the housing market. The question of whether to buy or rent ultimately depends on your specific situation.
If you are considering purchasing a home, here are some points to consider:
How long do you plan on staying in the house? If you only intend to stay in the area for four or five years it may make more sense to rent than to buy.
Are you financially capable of purchasing a home? Do you have a down payment? What’s your credit score? How will a monthly mortgage payment affect your budget? We can help connect you to a trustworthy mortgage professional who can give you insight into those specifics.
Buying a home may seem expensive, but homeownership provides many financial benefits. By making your monthly mortgage payment, you’re building your own long-term wealth instead of your landlord’s. There are also many tax benefits to homeownership. In general, your net worth will increase significantly by making the change from renter to homeowner.
With interest rates still at historic lows, now is a wonderful time to buy a home. While your rent will increase each year due to inflation, you can rest assured that your fixed mortgage rate won’t change.
Lastly, buying a home means that if you want to make a change to your property, you’re free to do so, instead of needing your landlord’s permission.
If you have any questions about the benefits of homeownership, or you’re thinking about jumping into the market, give us a call or drop us an email. We would love to help you. The Dailey Group is here to help you and those you care about move with confidence.