Buying Versus Renting
The housing market is currently the hottest we’ve seen since 2006. The demand for homes is increasing, but some people are still on the fence between purchasing and renting. Any prospective buyer should take into account that rent is on the rise. According to experts, as reported by Bloomberg Business, rental rates are increasing faster than wages, causing renters to spend a higher percentage of their income on housing.
8 Reasons to Make the Investment
- Buying is cheaper than renting. On a national scale, buying is 35% cheaper than renting due to low mortgage rates and the continual rise of rental rates.
- It’s yours! Owning a home means you can decorate, modify, and change your home however you like. Ownership takes the landlord out of the equation.
- You can begin to build wealth. The longer a home is owned, the more likely it is to increase in value. There is a good chance to earn a profit in the future with the resale of your home.
- You can save money on energy improvements. You can upgrade the appliances, insulation, and windows in your home – seriously slimming down your utility bill and earning possible tax advantages.
- It’s a chance to focus on spending. Home ownership encourages saving for unexpected repairs or to retire the debt sooner.
- You can generate a second income. Homeowners with extra space have the option of earning more income by renting out that space.
- If you choose a fixed rate mortgage, the rate won’t increase. Rent increases the longer someone lives at the same location. Owning a home means you can have a fixed principal and interest payment – and once it’s paid off, no payment at all.
- You can take advantage of tax breaks. Homeowner’s interest payments, primary mortgage insurance, and taxes are all deductions.
If you’re ready to take the first step towards home ownership, contact us today! Call 281-280-8675 or email firstname.lastname@example.org.