Rent has seen an increase in 62 of the country’s 100 largest cities* month over month in 2018. What does this mean for renters? The short answer is, in this market, it’s better to own than to rent. Below are 5 reasons you’d be better of settling down and making that purchase.
Pride of ownership – There’s nothing like the pride of owning your own home. Whether you’re a first-time buyer, just getting out on your own, or a new couple, buying to accommodate a family, the smile on your face will be unmistakable when you step into your new home for the first time.
Tax Benefits – There are many financial benefits that come with home ownership. Tax benefits are among the best of them. Mortgage interest, points and taxes are all deductible under most circumstances. Talk to your tax professional to learn how much money you can save on your taxes, over renting.
Blank Canvas – When you own a home, you can paint, remodel, landscape, or anything else that suits your taste. Unlike renting, the home belongs to you and that means the style, colors and layout of the home are your choice.
Equity – A home purchase is an investment. Every penny you pay toward that loan has the potential for becoming profit down the road. Talk to your real estate professional to learn which markets are growing and which aren’t, then make that smart investment.
Stability – Some markets have seen a 3%+ increase over the past year. This means some renters are in for an unpleasant surprise when they renew their lease. When you own your home, assuming you have a fixed rate loan (this is the most common type) then your monthly payment will stay the same for the term of your loan. Another great benefit, if you have great credit and loan rates drop, you may be able to refinance and lower your rate, and your payment.
If you’re ready to take that step and become a homeowner, contact The Chris Wylie Team today. We’ll create a custom home search for you so you receive new home listings right when they come on the market. Your no obligation home search will be sent to your email daily so you’ll always have the latest listings at your fingertips.