To rent or to own? It’s one of the oldest debates that creeps up each year a renter renews their lease. While not everyone is in a situation to own (especially given our current times), there are a number of benefits to doing so. If you are considering taking the leap away from renting and into ownership, here are a few things to think about.
1. Rents Are Rising Quickly
A new issue? Not so much. However, rental rates continue to rise and show no signs of slowing down. Frustrating, absolutely! There’s nothing quite like knowing what you can afford, only to have the price increase the next year. It is important to keep this in mind as you evaluate your next move (see what I did there?), as staying in your rental could cost you more in the long run.
2. Renters Miss Out on Equity Gains
Equity, our old friend! We’ve talked about this before and unfortunately for renters (sorry all!), you are missing out on a significant advantage of buying a home. This year alone, homeowners gained a substantial amount of equity, which, in turn, grew their net worth. This wealth-building tool that can be used to fund your retirement, buy a bigger home, downsize, or even achieve personal goals like paying for an education or starting a new business. Long story, short. It’s totally worth it!
3. Homeowners Can Customize to Their Heart’s Content
If you have rented, as most have at one time or another, you know the pains of the rental agreement. No painting the walls, no changing fixtures. Hanging anything? Forget it. And if you do? You pay to put it all back before you leave. Homeowners on the other hand, can do as they please — don’t like a wall? Tear it out. Paint the living room puce. You do you.
4. Owning a Home May Provide Greater Mobility than You Think
Being a digital nomad is popular at the moment and many see renting as having more flexibility. Need to move? Not a problem. While it’s true that selling a home may take more time than finding a new rental, it’s important to note how quickly houses are selling in today’s market (hint: super fast). In fact, in recent months, the average home was only on the market for 17 days. Woah! That means you may have more flexibility than you think if you need to relocate as a homeowner.
Deciding if it’s the right time for you to buy is a personal decision, and the timing is different for everyone. However, if you’d like to learn more about the benefits of homeownership, let’s connect so you can make a confident, informed decision and have a trusted advisor along the way.