Renting isn’t nearly as good of an option as many people think. Here are four reasons why you should invest in owning a home instead.
Looking to buy a home? Search all homes on the MLS
Looking to sell your home? Get a free home value report
The benefits of homeownership far outweigh those associated with renting. Here are just four of the reasons why you shouldn’t rent.
1. You’re already paying a mortgage. When you are renting a property, the monthly payment you’re making is essentially the same as a mortgage. The difference is that instead of working towards ownership, you’re paying someone else’s mortgage. Between the first quarter of 2017 and 2016, home prices have risen on average about 6.9%. This only solidifies the fact that ownership is a great investment.
2. You need room for expression. Renting a property comes with certain limitations when it comes to things like painting and making updates. When you own a home, you no longer have to worry about stipulations like these. You are the one in control of making decisions.
3. Rent could be costing you more than owning a home. Many people falsely assume that renting is always the cheaper option. This simply isn’t the case. Statistics from The Investor’s Business Daily report that paying a mortgage is cheaper than renting in 42 states.
4. There are a lot of home loan programs that could help. The truth is that you don’t always need the full 20% to put money down on a home. There are a lot of great loan programs out there with options like 5%, 3.5%, and even 0% down.
We here at the House Hunters Team want you to start investing in your future today, and we’re here to help. If you’d like more information or have any other questions feel free to give us a call or send us an email. We look forward to hearing from you soon.