TOP 4 REASONS FOR BUYING VS. RENTING A HOME

Although interest rates have increased, they are still at historic lows. Homeowners that purchased years ago with 6% and even 9% interest rates are thrilled to refinance during this time. With rents continuing to increase, there’s no denying that now is a great time to purchase a home. Here are four reasons why it makes more financial sense to buy a home.

1) Homeownership Builds Wealth Over Time
Most of us were taught growing up that owning a home is financially savvy. Although that confidence was shaken during the economical turbulence of recent years, real estate is still proving to be a great long-term investment.

2) You Build Equity Every Month
Your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every month when you make a mortgage payment, a portion of what you pay reduces the amount you owe. That reduction of your mortgage every month increases your equity.

3) A Mortgage is Like a Forced Savings Plan
Paying your mortgage every month and reducing the amount of your principal is like having a forced savings plan. Each month, you are building up more valuable equity in your home.

4) In the Long Term, Buying is Cheaper than Renting
It’s easy to just renew your lease and continue renting when you consider the costs of purchasing a home. You might think, “It’s not worth the stress and depleting my savings account… I’ll just keep renting.” However, as the interest portion of your mortgage payment decreases each year, you’re building equity and paying off more and more of your principal balance. Why continue to pay your landlord when you can be building wealth for yourself?!

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