With interest rates at historic lows, more renters are turning into homeowners than ever. However, just because you can buy a home, does that mean you should? Check out our list of 5 reasons and see if you should kick your landlord to the curb and buy your own home.
More Stability
Buying a home provides more stability than renting. Whether you have had issues with renting in the past or not, it leaves you at risk of losing what is your most basic need… housing. If you are looking to lay down roots, and build a sense of safety, buying is for you.
Buying a home means that you will not:
- Have a sudden surge in rent payments
- Get kicked out if your landlord decides to sell the property from underneath you
- Lose your home due to a disagreement with your landlord
- Be subject to invasive home inspections once a year (or more)
Lock-In An Affordable Payment
If you have ever had your rent raised, you know how stressful it can be. While you may not be earning more, your expenses keep increasing and can even price you out of an area you have lived in for years. While you cannot predict the values of homes in an area, you can lock in an affordable monthly payment by buying your home. While things like taxes and insurance may increase, these are nominal changes.
Freedom To Make It Your Own
Buying a home means that you can:
- Remodel your home when you feel like it
- Not be charged higher rent for updates to your kitchen or bathrooms
- Paint the walls any color you please
- Make the memories you want with your family
Build Wealth
Think of owning a home as a forced wealth-building plan. Owning a home allows you to pay towards your home’s equity every month, instead of giving it directly to your landlord. This means that over time as home prices increase and you pay down your mortgage, you will have valuable equity in the home.
Unlike buying a car or things you put on your credit card, your debt will decrease overtime, while the value of what you bought will increase.
Buying a home means that you will:
- Benefit from tax deductions reserved for homeowner’s
- Build equity as the market price for homes increase year after year
- Increase the value of your home from renovations you will also benefit from
- Be subject to invasive home inspections once a year (or more)
Never Wait On Your Landlord Again
Buying a home means that you are responsible for your home running smoothly and safely. While your landlord probably builds maintenance costs into your monthly rent, this does not guarantee that they will get it done. This can lead to household appliances breaking more often than they need to, and leaves you waiting on contractors to fix these items. Owning your home allows you to take control and sleep safe knowing your home is being maintained by the person who has to live there.
Buying a home provides a safe way to build wealth and provide your family with somewhere to build memories. While renting is a great solution for those who are risk-averse and not certain about where they want to live, to us it is a steppingstone to the American dream.
Ready to fire your landlord and take control of your life? Click here and speak with our trusted local mortgage loan experts.