Should you buy or rent a home? People decide to become homebuyers for many reasons, but for most of our clients, it typically boils down to a few specific reasons:
1. When you buy, the home will increase in value over a 10-year period. A home purchase acts as a forced savings account, helping you slowly build equity and credit through actively paying down the mortgage. It’s one of the safer investments you can make.
2. Rents tend to increase over time. This means that you’re paying more and more of someone else’s mortgage instead of your own, which has an interest rate that’s locked in for the length of the loan.
3. Homeownership is a goal. Homeowners can make changes to their homes as they please and customize it to their liking. You can create the lifestyle you want through your home and make it truly your own. You simply can’t do that as a renter because you don’t own the house.
There’s a lot to think about here. For example, if you’re planning on living in the same place for only a few years, it might not make sense to buy.
Whatever your situation, we would be happy to send you a helpful guide that will assist in making your decision. Reach out to us today to get a copy or if you have any questions. We look forward to hearing from you.