New year, new house? Could this be the year you finally buy a house and get out of renting for good? There is a lot to consider with this decision so we’ve put together a list of the advantages of buying and some reasons to keep renting in the event buying is not in your best interest at the moment. Take a look and think it over! If you have any questions on buying vs. renting, there’s no better person to talk to than a Realtor. They are your industry experts and can get you going on the path towards buying.
Advantages of Buying
- Ample inventory of new and existing homes means more choices and competitive home prices for potential home buyers.
- Interest rates are generally low right now, making it a great time to buy.
- When you buy a house, you will know that the mortgage rate for the next 5 to 30 years is going to be the same every month. Rent may continue to increase each year.
- With each payment, you will build equity and increase the amount of total home ownership.
- There may be down payment programs available in your area that can help you purchase your first home.
You Should Consider Buying If
- You want to build wealth. Investing into real estate is the fastest way to add zeros to the end of your net worth.
- You want to settle down, build community and know you will be in the same city or town for at least 2 years.
You Should Keep Renting If
- You need flexibility and don’t want to commit to staying in the same location for the foreseeable future.
- You have limited income or are unsure about your current job. Renting allows you the flexibility to downsize your living space.
If you are thinking about buying a home, reach out to a REALTOR® to get started.
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