Have you had the debate about whether you should buy instead of rent? Many put off buying a home because they don’t think they are ready. The pros often outweighs the cons though.
When you’re buying your own home there is immense pride there. It’s yours. Its a wonderful feeling to have. You don’t get that with renting. While you have a little more flexibility if you wanted to up and leave you also have the flip side of that. If the landlord wanted you gone you could have to leave without having a say in it. When its your own home the decision is yours. You choose how long you stay there, you choose what you do with the home. Everything is your decision because you own it.
The big argument for buying instead of renting is building equity. When you’re renting you are paying someone else’s mortgage. You’re making someone else richer. When you buy a property you’re making yourself richer. When real estate values increase you get the advantage. That isn’t true when you’re renting. While recessions can bring value down temporarily, over the long run, real estate almost always goes up.
With the exception of some extreme circumstances of building islands in places like Dubai, nobody is making more land. What is available is finite. The longer you wait, as populations grow, the value of land will only increase. The longer you wait to buy, the more likely it will be harder to do.
Why would some people rent instead of buy then? Obviously some simply cannot afford it. Even if you think you can’t, its often worth looking into because there are a lot of programs to help people. The other reason some people choose not to buy is they think they can invest their money and realize a better return. So if you think the ROI of owning a home is going to be 5% annually but if you invest you can return 7% then some will feel that investing the money instead of buying a home is better for their money.
If you have any questions about buying a home or just simply want help figuring out if you could, don’t hesitate to reach out to us.
Author:Harrison Long Phone: 704-724-6644 Dated: May 23rd 2016 Views: 70 About Harrison: ...
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