Today’s market is proving to be ripe for home buyers. If you’ve been thinking about purchasing a home, now is a great time to buy.
SHORT TERM BENEFITS
Many choose to rent because they assume they can’t afford a home, when the reality is that if you are paying rent, you can afford to buy. Consider these financial factors that come with renting:
1. Renewal Fees – It’s common for rent rates to increase at renewal.
2. Moving Costs – If you choose to move rather than renew your lease, you’ll need to hire movers and buy packing materials.
3. Parking Fees – Many apartments charge monthly fees to have a reserved (covered or uncovered) parking space.
4. Storage – Many renters lack sufficient storage space and end up needing to pay for storage units.
LONG TERM BENEFITS
When you rent, you get little in return. Purchasing a home offers you the benefits of equity, value appreciation and tax benefits. When you find the right house, here are three things we can help you learn about the community it’s in:
1. Low Mortgage Rates – When interest rates start to increase, monthly payments and total loan costs will increase as well.
2. Home Prices – The median home price has dropped back down to where it was a decade ago.
3. Owning vs. Renting is More Affordable – The average principal and interest payment has fallen well below the average rental rates.