Why It Is Still More Profitable To Buy A House Than To Rent One
Top Reasons To Buy a Home Instead Of Renting It
As the cost of rent continues to rise to new heights, many families are starting to wonder whether it’s better to keep renting or take the jump to buying their own home. Although renting has historically been more affordable in the short term, the increasing cost of rent is exceeding mortgage payments in many areas. Many renters are wondering if it’s even worthwhile to keep waiting to purchase their first home.
Although there are many considerations that go into the decision to purchase a home, buying a home is generally more profitable in the long run. There are a lot of reasons why this is true. Schedule your consultation with an Apache Junction mortgage broker to discuss your situation and learn more about whether buying a home would be a better option for you than continuing to rent.
Some of the top reasons why it’s still more profitable to buy a home than to rent include:
Owning A Home Enables You To Build Wealth
When you make a rent payment, you are contributing to your landlord’s wealth and not gaining anything for yourself in the long run. In contrast, owning a home is a smart way to build lifelong wealth because all of your payments go toward the ownership of a valuable asset. Owning a home is so much more than just having a place to live in; you’ll be able to build wealth as the value of real estate continues to increase. No other asset will continue to build your wealth and promote long-term financial stability than owning a home.
When you own a home, you build your own wealth; when you rent a home, you build your landlord’s wealth. Purchasing a property that meets your family’s needs and improving a property is one of the smartest financial investments you can make for your long-term future. You don’t have to have a lot of money to get started! Talk with an experienced broker about Chandler downpayment assistance if you are interested in building your wealth through home ownership.
Homeownership Is More Affordable In The Long Run
The money that you put into rent payments is money that you won’t get back. You are making payments toward someone else’s wealth. When you own a home, your monthly mortgage payments go toward your own equity. Although buying a home can feel like an enormous purchase, it will be the most affordable and sustainable choice in the long run, especially in the current economy where rent prices continue to skyrocket.
Talk with an experienced mortgage broker about Gilbert mortgage financing. You may be surprised to learn that purchasing a home costs about the same as a rent payment, or even less! Plus, paying off a home that you own benefits your future.
Buying A Home Provides Stability
Whether you have a family or live alone, everyone craves stability and place to belong. Owning your own home is one of the most effective ways to gain privacy, peace, and stability in your life. You and your family will have a consistent place to call home while you build lifelong friendships with people in your neighborhood and become a part of the community for years to come. You won’t have to worry every year about whether your lease will be extended, whether rent payments will increase, or where you will have to relocate next. Buying your own home with Chandler mortgage banker can help you find the peace and comfort that you are looking for while you enjoy the pride of having a place to call your own.
Owning A Home Decreases Your Cost of Living
Buying a home sets you on a path toward debt-free living. When you choose to rent, you’ll be making monthly payments forever with no benefits other than a place to live for a while. Although as a homeowner you’ll need to make mortgage payments as well as pay for insurance, maintenance, taxes, and repairs, it can still be less expensive to own your own home than to rent. Over time, your cost of living will decrease and you’ll be able to enjoy the many benefits of having your own home.
Talk With Mesa’s Trusted Mortgage Lenders
If you’re still wondering whether renting or buying is better for you, consult with the mortgage experts at KHoward Mortgage Team to learn more about what’s available. We offer a full selection of mortgage options, whether you’re a first time homebuyer, a veteran, looking to purchase a mobile home, or looking to purchase a larger home for your growing family. We are ready to listen to your story, help you explore the options, and find the best housing solution for you and your family. Contact our office today!