Owning a home, and the freedom that comes with it, remains a crucial part of the American dream, even as more and more Americans find it more difficult to achieve homeownership. Our REALTORS® are here to make that process easier, and if you've been thinking about making the leap to owning your own house, we have several reasons why now might be the right time.
- Renting is more expensive. In the long run, renting may ultimately take away a much larger chunk of your income than buying. What's worse is that at the end of the day you have nothing to show for it; no rental property will ever be yours, no matter how much money you sink into it. And while it is generally assumed that renting is cheaper in the short term, even that is not always the case. Mortgage payments often cost less than monthly rent in many communities.
- Buying allows you to build equity. Home equity is the difference between the current value of your house and how much you still owe on it. This amount builds up over time as you pay off your mortgage and the value of your house starts appreciating. Appreciation value is not possible when renting. A portion of your monthly rent is probably being used by your landlord to pay off the property you are renting, so you are essentially helping to build equity for someone else.
- You have more financial control over a home purchase. The real estate market rises and falls, but rent tends to move in one direction – up. One of the greatest financial benefits of ownership is that, with a traditional mortgage, your monthly housing cost is locked in for the lifetime of the loan. That means no more rent increases and no more living by the whims of the housing market.
- You have more personal control by purchasing a home. Living in a property that you don't own means you have little to no control over it. But when you own your own home, you're free to renovate, remodel and modify it in any way you please. No more asking your landlord's permission to repaint the kitchen, no more waiting for someone else to fix common household problems, and no more hoping you don't lose your deposit over some minor infraction.
- Buying is an investment. The difference between renting and buying is essentially the difference between spending and investing. When you buy a house, you are directing your funds toward an investment that will almost certainly increase in value over your lifetime. But when you're renting, you're not investing in anything beyond having a roof over your head for the current month. Buying a home gives you more than just a house, it gives you an opportunity to secure your financial future.
Contact Margaret Rudd & Associates, Inc. to learn more about the benefits of home ownership, and to find out how our team can help you find your dream home and make it yours. We offer access to a tremendous variety of homes for sale in Bolivia, NC and throughout the Brunswick County real estate area. We're dedicated to helping you find the perfect house.