Here are a few reasons why buying a home is better than renting
Should you rent or buy? If you’re new to town and don’t know where you’ll be a year from now, renting makes sense. It’s a good way to learn about the local market before you buy. However, if you’ve been renting for some time, I think there are some clear advantages to buying.
First and foremost, you’re building equity. When you rent, you are paying your landlord’s mortgage. When you buy, you are paying your own mortgage. It’s a great way to set yourself up to be an investor long term.
The beauty of buying is that your home value will go up. I can’t say that it will always increase, but over three to five years of even modest appreciation, you will at least make enough back to cover your costs and fees. Even if you just break even, you’re essentially living in your home rent-free.
Renting is perfect for people who don’t want to deal with the maintenance and hassle of homeownership. However, I can connect you with so many different handymen, services, and vendors that can take care of any problem that might come up.
I think there are so many advantages to buying, but obviously, I’m biased. The best thing for you is to sit down with me, make a list, go over your concerns and objectives, and determine what’s right for you. I have spent plenty of time with clients, only to convince them that renting is better for their situation.
If you have any questions about renting or buying, please call me. I’m more than happy to help you make that decision.