Choose a New Year’s Resolution that will stick this year: stop renting and buy a home! Some people view home ownership as a necessity while others believe it’s overrated. Although, there is no rule that says you must own a home- there a very good reasons why 2015 is the year you should make the move.
Understandably, renting can be beneficial if you don’t like to stay in one place for too long. As a renter, relocation can be as simple as giving your landlord a 60-days notice when your lease is about to expire. This living situation also works if you don’t want to deal with lawn care and snow removal. Since it’s not your house, it’s not your responsibility to pay for repairs and routine maintenance. Although, trust me— those costs are added onto your rent.
In spite of the fact that renting offers greater flexibility, the benefits of renting don’t always compare with the benefits of owning. If you’re on the fence about whether to own, here are the top reasons to stop renting and buy a home:
1. Simply put: Make your own rules- don’t live by a lease.
2. You can make improvements to your home: unlike renting, you can make improvements on your home which in turn increases the value of your investment.
3. Flexible Loan Options: low credit score? low down payment? With more loan options there are more ways to make it work.
4. Build Equity when you Buy a Home: There is no equity in renting. You can spend thousands of dollars in rent payments each year, yet you’ll never own a stake in the property.
5. Fixed monthly payments: rents typically increase annually.
6. Low mortgage rates: don’t wait until it’s too late!
7. Have something to leave your future children! You won’t have anything to give to the children if you’re renting. Think about it—- when you retire – wouldn’t it be nice to not pay rent? And after you’re gone, wouldn’t it be nice to leave something for your children?
Real estate is a true passion of mine and I would love to help you find your first home. If you have any questions about this blog entry or buying a home please don’t hesitate to email me at Amanda@AmandaDoub.com. Thanks for visiting my site!