There are some advantages to renting. Especially if you're renting in Lenawee County where housing is really quite affordable. But is it really?
Maybe you're coming to the end of your lease and thinking, "Maybe I should finally buy something". You saw that cute cape cod with a For Sale Sign, and thought, "Nah, Could I really even afford that?". Or maybe you've been Renting to save up, and wondering if you have saved enough for the down payment? The answer to all these questions is Yes!
We've compiled a list of things to consider when debating on whether you should buy or keep renting. There are always circumstances why renting could be the right answer for you, but consider these!
Renting has ZERO Return on Investment.
Sure, you don't have to maintain it or make any repairs (on your landlord's timeline, that is). You are renting an investment property, but YOU are not the one making money on it. Your payments go to your landlord every month until the lease is up, not toward any investment at all, except theirs. Maybe it's time to start investing in you.
Is it Really Saving You any Money?
Let's say you pay $800 a month on your apartment or rental. After 10 years, that's $96,000 that you could have put toward a mortgage. Pay yourself - not your landlord.
Make an Investment!
In a home, as time goes on your home appreciates. As you make payments towards your mortgage every month, your debt goes down! How 'bout that!
Did I hear Tax Benefits?
Dear old Uncle Sam likes it when we purchase homes and rewards you for it. You can get tax incentives such as getting a break on the portion of your mortgage payments that go toward interest on the loan. The PMI on your loan may also qualify for some tax benefits - talk to your accountant!
Stabilize Housing Cost
When you choose a fixed-rate mortgage, your payments will never change - for the next 30 years! How's that for predictability? Also, in a home you own, you can choose to make energy-efficient improvements that could potentially raise the value of your home as well as cut down on utility expenses.
Don't let your living space define you.
When you rent, you typically have no control over what the space looks like nor do you have the freedom to modify it. Rentals are typically made to suit a wide range of people - or at least not offend them, but not specifically for you. I mean, really! How many times do you hear yourself say, "I wish my apartment had..", well when you buy, you can do what you want. Plus, most improvements you make on your home will pay off when you sell it!
Have You Considered What Life will be like after Retirement?
When you rent - you are always making payments. What will happen if you do this into retirement? Will you be able to afford to keep making those high rent payments? When you buy, you create sustainability for yourself. You can make payments for the life of the loan, and then- Viola! A large portion of your income is no longer going toward the home you live in after it is paid off. Remember all those improvements you made? In retirement, you can sell your home and downsize and that equity can be used for..hm, did someone say Florida Beach House?
Don't Love Moving?
How many times have you had to move from apartment to apartment for a variety of circumstances? It's the same thing at the end of every lease - moving truck, take time off of work and hopefully, you have some dependable friends to help, plus come up with another security deposit and multiply rent by how many times right when you move it. And hey, did we had that to your expenses of renting over time? When you buy, typically you stay for a bit- no one is kicking you out, no noisy neighbors on the other side of your thin bedroom wall or the old man having a polka dance party every Tuesday Night - or at least that's what you think was going on. When you buy a home, you can allow yourself to be emotionally invested - in your house and in your community or neighborhood. Neighbors are more likable when you don't have to share a wall.. or ceiling.
It's good for the Community!
Statistically, people who purchase a home are more likely to be involved in their community. They care because they have to live there! It's where they raise their kids, so it pays off to be involved in the schools, churches, and support local businesses. When you buy or sell with us, a portion of OUR commission goes towards supporting the local non-profits as well.
One Investment Leads to Another
So maybe you need to begin your buying journey with a starter home. That's okay! With experience realtors, like us, we will make sure you get in a home that works for you. This will actually might work out for you perfectly! The equity that you made from your first purchase will allow you to upgrade to a higher-valued home or maybe get a home equity line of credit for that boat you always wanted.
You Don't Have to do it Alone!
When you chose to hire us to find your next home, you choose the BEST real estate company. Why are we the best? It's not because we're the biggest. Our clients become our family. We work hard for you, and we take it personal. We show up. We answer our phones and our emails. We connect. We connect with you, with your lender, with the title company to make sure everything goes smoothly! We have an experienced team of Realtors. We know the area and are third generation in Lenawee County. We keep you informed. We believe in our Community. We believe everyone deserves the home that they've worked so hard for, so we work hard for you!
Are you thinking the benefits of home buying might be right up your alley? Give us a call and let's talk about what your dream home is!
Also, we work closely with some amazing lenders in our community who offer many programs from first time home buyers to helping you with your down payment! It doesn't cost you anything to check it out and get some information. Let us introduce you to them!
Who knows, you could be owning your new home before you know it!
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