11/04/2020
According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.
While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.
>> Rent will continue to increase
This is one of the top reasons why renters decide to move, because in most cases, rent will continue increasing each year.
>> Freedom to customize
This is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades.
>> Privacy
When renting, your landlord has access to your space in case of an emergency.
>> Flexibility for Relocation
If you’re renting, it may be easier to move quickly should you have a job transfer or simply decide it’s time for a change.
>> Building Equity
When you pay your rent, your landlord earns the equity. If you own your home, the benefits of your investment go directly toward your net worth.
>> Tax advantages
When you own your home, there are additional tax benefits that work in your favor as well.
It’s up to you to decide if you’d prefer to rent or buy, and it’s different for every person. If you’d like to learn more about the pros and cons of each, as well as resources to help you along the way, DM me to discuss your options. This way, you can make a confident and informed decision with a trusted expert on your side.