How much have you paid others in rent in your life? Now, what do you have to show for it? If the answer to that question makes you a little uncomfortable, there’s a good reason for it. Paying a mortgage gets you your own home, builds your credit, and increases your worth. Put that way, renting just can’t compare to homeownership!
Renting Vs. Buying: How You Know It’s Time to Own
There are other drawbacks to home renting, too. Because renting requires a lease, you might be forced to look for a new home if your landlord decides to raise the rent or not offer your new lease at all. When landlords sell their property, you might similarly be out of luck. Your rent pays your landlord’s mortgage, but how long you get to live in that space is up to their whim. If renting is such a raw deal for tenants, why do so many people do it? Renting makes sense as you build credit and if you only plan to stay in one location temporarily. But if you have the credit and desire to stay in one place, it’s time to move on.
Some people say that renting is like your last relationship, and we couldn’t agree more. You left it when you realized it was no longer a fit, and that’s exactly what you should do with renting. Go forward with the lessons you couldn’t have learned without renting but the confidence that better things are ahead. Leave rent behind you for the comfort and perks of homeownership.
Just What Are the Advantages of Buying a Home?
Maybe you’ve already thought about the advantages of buying a home. After all, you have control over the appliances, fixtures, and hardware, not to mention decorating in ways that reflect your style. So what if no one else approves? It’s your house; you can do what you want!
Most rentals have limited, if any, outdoor space and limit pets. One major home-buying pro is having a yard where the pets can run, the kids can play, and guests can gather. That yard also means you no longer have to share a wall with your neighbors. You might just surprise yourself at how much pride you feel from maintaining it all.
If you’re on the fence about home buying, consider this: mortgages often cost less over time than paying rent. Fixed-rate mortgages are beneficial because they won’t change over time. A mortgage can also get you deductions on income taxes, something that’s not available to most renters. Those savings can go into your rainy-day fund, pay for a family vacation, or renovate areas in a house until it becomes your perfect home.
When it’s time to move, selling your house can be a big windfall. Or you can keep it and rent it out to build your own worth. Once a home is paid off, your tenants can fund a mortgage for a new property.
Just imagine it: you own a property that you can modify any way you want, your mortgage is less than you paid landlords in the past, you’re no longer practically living on top of your neighbors, and your house can be a source of income.
Find Your Perfect Home
Have you been swayed by all the home buying pros above? Perhaps you’re already searching for real estate in your area. If you’ve always rented, you might not yet know what your deal breakers are in a house and property. Remember, this is a long-term commitment. Home buying is like moving from dating to marriage, so you want to choose carefully.
Lucky for buyers, real estate agents can play matchmaker between you and the home of your dreams. A real estate agent will be your best friend during the buying process. Most people aren’t experts in buying or selling a home, but real estate agents like those at The Bethany White Group have the expertise you need.
So what are you waiting for? Stop renting. Contact the Bethany White Group to walk you through the home buying process. We are the #1 BHHS Realtor Team in Virginia and the #5 Realtor Team in the nation.