Are you wondering what are the benefits of owning a home versus renting? If yes, you are not alone. Many people searching for their first place to live ask the same question. Jeremy Walsh Real Estate is here to answer that question for you. Read to learn the benefits of owning a home versus renting.
Although people selling a home in the current real estate market are experiencing weak returns, this is the perfect time for first time homebuyers to find a good quality home for a more than a fair price.
There are many benefits that come with owning a home and these benefits accumulate over time. Here are just a few of the many reasons it is better to buy a home than just rent:
One great reason it is a good idea to buy a home in the current real estate market is that you have a better chance of renegotiating a sales price to get more value for your home purchase. Since it is taking longer for homes to be sold, sellers are required to sell at lower prices; they are more likely to share in the closing costs and give you furnishings for the home because of the need to sell.
Another great reason to buy a home rather than rent is to benefit from home equity. When renting, all you are doing is making a payment to live somewhere. You are not gaining on an investment; you are just remaining the same. Although a home requires paying monthly mortgages, insurance premiums and home maintenance expenses, you are always building up towards added value every time you make a payment.
The next benefit you can gain from owning a home is making your own rules. When playing the rent game, your activities are always bound to the Landlord’s guidelines. When you are a homeowner, you are able to do what you want and invite as many people as you want, to enjoy the comfort of your own home. Also, you are able to remodel, redecorate, and rearrange your home how you please, when you please.
But home owning gets even better; it can help you build long-lasting relationships with your neighbors and the entire community. When renting, this is not possible because people easily come and go from one place of rent to the next.
Last but not least, interest rates are very low right now. If you have good credit, you can find your way into a good quality home. A real estate agent like Jeremy Walsh Real Estate can help you transition from renter to homeowner in no time.
Although renting is convenient, it will never give you the lifetime benefits a home can offer. You may be better off buying a home than renting, if you can compare the difference of your monthly rent to home owning. You can do this by multiplying rent by 240 as an estimate of affordability.
You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for you!