07/08/2021
Why buy instead of rent? Here’s 10 great reasons why buying a home over renting may be beneficial to you! ⬇️🏡
1. Rents continue to increase
The cost of rent has increased at a very fast rate throughout the country. This trend is only expected to continue.
2. Homeownership is a better long-term investment 💰
Renting your home means paying your landlord and having nothing to show for it the next month. Home ownership is a great investment because it’s a method of forced savings. When you buy a home with a 30-year mortgage and make monthly payments, you will own a home to sell at the end.
3. Interest rates are historically low
The argument for buying instead of renting only gets stronger with the low-interest rates that are currently available. What may seem like a slight difference in your mortgage rate can make a huge difference in your monthly payment.
4. Down payments can be as little as zero dollars 😲
Sound too good to be true? It's not. There are loan programs and government assistance programs that can get qualified home buyers into a home with a zero dollar down payment.
5. Gift money can be used as a down payment 🎁
That $25 check from Grandma is always a nice little birthday gift. Now what if Grandma, or any family member, could gift you just a bit more. Something that can add up and be used toward down payment on your own home. Is that even a thing? Believe it or not -- using gift money for down payment is allowed.
6. Gain equity as property values continue to rise
Home values have risen and are expected to continue rising in the future, making homeownership a profitable long-term investment.
7. Higher loan amounts
Housing inventory recently fell to a two-year low. Even with favorable mortgage rates, a first-time home buyer will likely struggle to find a residence they can afford. However, thanks to higher loan amounts on conforming loan programs, you're able to finance more home.
8. Predictable monthly payments
Tired of your rent rising? Sick of it causing your budget to change? When owning a home, and using a fixed-rate mortgage, that can never happen. You’ll always pay the same amount each month, each year.
9. Bring in extra income by renting a room
Being a homeowner means you have an opportunity to earn extra income by renting out a room.
10. Tax deductions
Being a homeowner does not have to be just a long-term aspiration. Enjoy short-term savings via annual tax write-offs and mortgage interest payment deductions.
