Buying a Home May Make More Sense Than Renting
Why does buying a home make more sense than renting? Take a look at this infographic to see why!
- Rents have consistently risen for several decades. When your rent rises, you pay more, and that can make saving for a home even harder. Overall, renting provides less stability and housing security. Minimal personalization: It’s nice to have a landlord cover repairs and maintenance, but renting also means less freedom to make your living space your own.
- When you own, you gain equity as home values appreciate and as you make your monthly payments. That’s one of the reasons why homeowners have a higher net worth. Building equity increases the amount of money you have in your home that you may be able to use now or in the future. You can borrow from your equity as a loan, invest it, build long-term wealth or sell your home for more than you owe and keep the difference.
- With inflation high, landlords may be even more likely to increase your rent. Homeowners with a fixed-rate mortgage can lock in a monthly payment for 15-30 years.
- If you’re trying to decide whether to rent or buy a home, there are a few things you should consider.
- Homeownership can help you escape the cycle of rising rents, builds your wealth, and serves as a hedge against inflation.
- If you’re ready to take advantage of the benefits of homeownership, let’s connect to explore your options.