Buying a home--it’s the American dream. But recent events have caused financial experts to push the advantages of renting over buying that home! Arguments include flexibility on leasing contracts, lower insurance rates, no property taxes, and elimination of maintenance and repairs. Of course, there are pros and cons for either side but here are 5 reasons for the purchase of your dreams.
- Roots –How long do you plan on being in the location? Is this where you plan to be in a few months or a few years? For short term living, renting is obviously the way to go but if you plan to stay put, a home will entrench you in the community. There’s nothing like settling down and stability. Long term residency will also convert that throwaway rent money into a mortgage that’s almost like a savings account. You’ll increase your equity over time and that’s money in the bank!
- Renting in Atlanta is slowly increasing making home purchases more attractive with its many tax savings. Rent prices have increased in 10 out of the 11 cities in metro Atlanta with a 5% increase in 2016 alone. This year, according to Zillow, rentals may rise to 3.5% while homes are set to rise 2.5%.
- Fixed mortgage—with a fixed mortgage, you won’t have to worry about rent increases. If you’re on a budget, buying a house will stabilize your payments. At some point, you’ll pay off your mortgage and you won’t have another payment.
- You don’t have to follow the rules! With your own home, you won’t need consent from a landlord to make changes. You can make the improvements you want or not. You don’t have to depend on your landlord’s quality of care because your living situation is your own.
- Owning a home—it’s all yours, to do with what you want. Do you want to sell? If you’re there long enough, you’ll make a profit. Do you want to retire there? The possibilities are endless.
Take advantage of the low interest rates today. Many lenders will be able to work with you in getting the loan that you need for the home of your dreams.